Food, commodity and agribusiness company Bunge increased net sales by 14% for the fourth quarter of 2006, bringing in US$7.68bn for the period.
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The New York-based firm’s income leaped 77% to $264m for the final quarter, while income for fiscal 2006 increased 2% to $521. For the full-year period, sales rose by 8% to reach $26,274.
Bunge’s chairman and CEO Alberto Weisser said: “Bunge finished 2006 on a promising note. Our team did an excellent job of delivering results and produced strong second half performances in all of our operating segments. We expect 2007 to be a year of improved earnings.”
In its outlook, the company anticipated depreciation, depletion and amortization of $370m to $390m, and capital expenditures of $570m to $590m, with joint venture earnings at $20m to $30m.
Bunge has this month lost its CFO William Wells to Loblaw Companies Limited, Canada’s largest food distributor and a leading national retailer. Wells’ departure will become effective 1 April 2007 and Bunge has initiated a search for a new CFO, and plans to consider both internal and external candidates.
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By GlobalDataDrew Burke, co-CEO, Bunge Global Agribusiness, will serve as interim CFO after 1 April until a permanent successor is appointed.
