25 April 2013 12:14 [Source: ICIS news]
LONDON (ICIS)--Bunge’s first-quarter 2013 net income almost doubled to $180m (€139m) from $92m in the same quarter last year, after its agribusiness performed well in a challenging market to help lift sales, the US-based producer said on Thursday.
Net sales for the quarter increased by 15% year on year to $14.8bn, while total segment earnings before interest and tax (EBIT) rose to $323m, from $200m in the same period in 2012.
Alberto Weisser, Bunge's chairman and CEO, said: "We had a solid first quarter. Our agribusiness team performed well, managing risk in a volatile market environment characterized by tight global supplies and challenging Brazilian logistics.
"We are pleased to see sugar & bioenergy get off to a good start to the year, and that food & ingredients continued its strong performance from the second half of last year.”
Net sales in Bunge’s agribusiness segment rose to $10.8bn from $9.32bn in the first quarter of last year, while in the sugar and bioenergy business net sales were up by 26% to $1.11bn.
Net sales of milling products in the quarter ended 31 March rose slightly to $535m from $427m in the prior-year quarter, while the edible oil products business saw net sales increase by 3.4% to $2.30bn, primarily due to improved performance in Brazil, Bunge said.
In the company’s outlook, Drew Burke, CFO, said: "We remain confident about 2013, though results will be more back-end weighted than previously expected."
"Lastly, the pending sale of the Brazilian fertilizer business remains on-track to close this year,” he added.
($1 = €0.77)
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections