Agricultural commodities group Bunge has booked a 30% jump in first quarter operating profit, boosted by the “good start” made by its food and ingredients business.
In a regulatory filing yesterday (25 April), Bunge said that EBIT climbed to US$323m in the first three months of the year, up from $200m in the comparable quarter of 2012. Net income rose to $170m, up from $84m last year.
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Gains were driven by higher revenue, which rose to $14.78bn in the three months from $12.9bn last year.
“We had a solid first quarter. Our agribusiness team performed well, managing risk in a volatile market environment charactersed 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,” chairman and CEO Alberto Weisser commented.
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