US food and agribusiness giant Bunge has reported a sharp rise in third-quarter profit, and said it is optimistic for a continued good performance into 2005.
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The company reported net income of US$182m, or $1.53 per share, for the third quarter to 30 September, compared to $89m, or 88 cents per share, in the year-ago quarter. Net sales rose 13% to $6.56bn.
Alberto Weisser, Bunge’s chairman and chief executive officer, said the company is pleased with its strong performance in the third quarter of 2004.
“All three of our divisions performed well, generating solid bottom line results. Bunge’s year-to-date results were above expectations, despite unprecedented volatility in agribusiness markets and a disruption in soybean trade with China,” he said.
“We are optimistic for a solid finish to the year and a strong 2005. A large North American soybean harvest and planting intentions by farmers in South America indicate ample supply. Commodity prices have returned to historical average levels, which should stimulate demand,” Weisser said.
