US food and agribusiness Bunge has reported a 5% rise in fourth-quarter net income and said it sees strong growth in 2005.
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The company reported net income of US$105m, or 89 cents per share, for the fourth quarter to 31 December, compared to $100m, or 94 cents per share, for the year-ago period. Net sales slid 2% to $6.21bn, while volumes were down 1%.
For the full year net income was $469m, or $4.10 per share, compared to $411m, or $3.83 per share, for the previous year. Net sales were up 14% to $25.2bn.
“2004 was an extraordinary year for Bunge. Our 2004 results were excellent and above our expectations,” said chairman and CEO Alberto Weisser.
“Each of our businesses showed strength in dealing with volatile markets. We attribute this performance in large part to Bunge’s integrated and balanced operations. We captured value at a variety of points on the food production chain, while effectively mitigating risk,” he added.
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By GlobalDataWeisser said the company expects strong growth in 2005 and a return to more typical market conditions.
“We are looking forward to a good year in 2005, following the extraordinary one we experienced in 2004. Supplies of oilseeds and grains are ample and we expect large South American harvests. Demand from our customers is very strong as they seek to take advantage of lower prices and a weak US dollar. Fertiliser demand is expected to remain strong with good margins,” said Bill Wells, chief financial officer.
