US-based agribusiness group Bunge has reported an increase in quarterly underlying profits despite lower sales.
Bunge booked adjusted total segment EBIT of US$404m, up $264m from last year. The figure excluded factors including income tax, interest and contributions from discontinued operations.
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EBIT from agribusiness in the quarter ending 31 December more than doubled from $134m to $346m. Bunge’s food and ingredients division recorded EBIT of $84m, compared to $49m a year earlier.
The company’s sugar and bioenergy arm posted a loss of $35m, an improvement from the $49m loss booked in the fourth quarter of 2012. Bunge is carrying out a review of its sugar business.
Net income per common share from continuing operations-diluted, adjusted was $1.35, versus $0.50 a year earlier.
Bunge’s net sales fell 3.9% to $16.38bn amid lower revenues from milling products and fertilizer.
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By GlobalDataAnnual net sales and EBIT were up, although Bunge posted net income per common share from continuing operations-diluted, adjusted of $0.90 for the year, compared to $2.51 a year earlier.
Bunge shares closed up 1.88% at $77.36 in New York yesterday (13 February).
