US agribusiness Bunge has booked a drop in full-year profits and said that 2012 will “present some challenges”.
For the 12 months to the end of December, net profit dropped to US$942m from $235bn in the prior-year. EBIT slid 64% to $1.15bn.
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Sales in the period, however, climbed 29% to reach $58.74bn.
In the fourth quarter, net profit dropped by 15.6% to $254m, while EBIT slumped 28% to $273m. Sales amounted to $16.45bn, a 29.2% increase on the prior-year period.
In the firm’s agribusiness division, higher oilseed processing results in Asia, Europe and South America were offset by weaker results in the US during the quarter.
Results in Bunge’s edible oils division in the quarter were flat compared to last year. The segment continued to “perform well with strong results in Brazil and significantly improved results in Europe”, Bunge said, when compared to the previous two quarters.
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By GlobalData“2012 will present some challenges, especially early in the year,” said Bunge chairman and CEO Alberto Weisser. “Despite this, we expect to generate good results for the full year. We see positive signs in the industry and have confidence in our business.”
