Global agribusiness and food company Bunge said it has had a “disappointing end” to a “mixed and challenging year”.
For the year ended 31 December, net income dropped 66% to US$361m, hurt by high-cost inventory and a “weak” price environment, the firm said today (4 February).
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Sales amounted to $41.93bn, a 20% drop on the previous year.
Alberto Weisser, Bunge’s chairman and CEO said: “Bunge’s earnings in the fourth quarter represent a disappointing end to a mixed, and ultimately challenging, year for Bunge. In 2009, fertilizer generated significant losses, which stemmed from a difficult market characterized by high-cost inventory and a weak price environment.”
The firm however, remained optimistic for the remainder of the year.
“2010 should be a good year for Bunge, with solid performances from our businesses. We will continue to focus on our strategy and seek to generate greater shareholder value by building on our global asset network and leveraging our commercial, logistics and risk management expertise across greater volumes and more products,” Weisser said.
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By GlobalDataIn consideration of the outlook, Bunge said its 2010 full-year earnings guidance is $5.75 to $6.25 per share.
Bunge however, narrowed its loss for the fourth quarter to $28m. The year-earlier loss was $210m.
Revenue fell to $10.44bn, a 6% loss on the previous year.
