US-based agribusiness and food group Bunge has endured a slump in first-quarter profits, the company announced today (26 April).
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Bunge saw operating profit tumble to US$19m during the first three months of the year, down from $54m a year earlier.
Chairman and CEO Alberto Weisser blamed “unrealized mark-to- market losses” on hedged commodity inventories and forward purchases in South America.
Net sales, however, jumped 46% to $8.2bn and Weisser remained upbeat about the year ahead. “Crops are large and world demand for protein meal and vegetable oil is good; these conditions should benefit our operations worldwide,” he said.
Bunge, based in New York, produces food products for commercial customers and consumers and supplies raw materials and services to the biofuels industry.
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