US Bunge Q3 net income jumps to $297m, sales up 11%

25 October 2012 12:20  [Source: ICIS news]

LONDON (ICIS)--Bunge’s third-quarter net income more than doubled to $297m (€229m) from $140m in the same period last year as sales rose, driven by its agribusiness segment, the US producer said on Thursday.

Sales for the three months ended 30 September increased by 11% year on year to $17.3bn, while segment earnings before interest and tax (EBIT) rose steeply to $441m, from $191m reported in the third quarter of 2011.

Alberto Weisser, Bunge's chairman and CEO, said: "Bunge delivered significantly stronger third-quarter results than in the prior year. Agribusiness operations posted solid results, and Food & Ingredients and Fertilizer showed improved performance from the challenging first half of the year.

“Results in Sugar & Bioenergy on a comparable basis were higher than last year, but below the potential of this business. Our continued sugarcane planting and other cost reduction efforts – which will result in increased sales volumes and lower unit costs – will help us realise this potential,” he added.

“We are making steady progress, and remain optimistic for a strong performance in the 2013 crop year,” Weisser said.

($1 = €0.77)

By: Franco Capaldo
+44 (0)20 8652 3214

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