26 July 2012 12:14 [Source: ICIS news]
LONDON (ICIS)--Bunge’s second quarter 2012 net profit fell by 13.3% to $274m (€225m) as adverse weather conditions hit its Sugar & Bioenergy business, the US agribusiness said on Thursday.
Second quarter sales were up 4.2% at $15.09bn.
“Bunge's Agribusiness operations performed well in a volatile environment, but Sugar & Bioenergy, which was impacted by adverse weather conditions, and Food & Ingredients delivered lower-than-expected earnings,” CEO Alberto Weisser said.
The Sugar & Biorefinery business had been hit by rainy weather in Brazil which reduced the sugar content of harvested sugarcane.
The company said it expected high corn and soybean prices to temper demand among commercial customers but large crops next spring from farmers in South America to help relieve a stressed market.
“Looking ahead, we expect a strong second half of 2012,” Weisser said.
($1 = €0.82)
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