US agribusiness and food company Bunge has increased its projected net income for the quarter ending 31 March 2003, to between $30m and $35m, or $0.30 to $0.35 per share, from between $25m and $30m, or $0.25 to $0.30 per share.

For the first quarter of 2002, Bunge posted net income of $13m, or $0.15 per share.
Bill Wells, chief financial officer, stated: “We are experiencing strong performance in the first quarter across most of our businesses, especially in our South American oilseed processing and fertiliser businesses and our international marketing operations, partially offset by weakness in North American oilseed processing.

“We are projecting our 2003 second quarter net income to be within a range of $55m to $60m, or $0.55 to $0.60 per share. For the full year 2003, we are reaffirming our guidance of $260m to $270m, or $2.62 to $2.72 per share. This does not include any potential positive effects from the closing of our Solae joint venture with DuPont.”