Bunge: sees sales cropping up later in 2009

White Plains / NY. (bl) «In 2008, Bunge produced record results in one of the most volatile years in recent memory. We earned over one billion USD in net income for the first time and produced 2,5 billion USD of cash flow from operations. We start 2009 with a comfortable liquidity position and a strong balance sheet. The weak global economy will pose challenges, but we see reasons to be optimistic that conditions for our industry will improve during the course of the year», stated Alberto Weisser, Chairman and Chief Executive Officer of Bunge Limited in the press release «Bunge Reports Fourth Quarter Results».

On the one hand. On the other hand Bunge swung from a profit to a loss in the fourth quarter 2008 as the global recession has weakened demand for fertilizer, animal feed and soybean meal. Bunge posted a loss of 210 million USD in the fourth quarter ended December 31, compared to a profit of 245 million USD in the same quarter a year ago.

The company´s net sales for the recent quarter dropped twelve percent to 10,9 billion USD, compared to 12,5 billion USD a year ago. For all of 2008, Bunge reported a profit of nearly 1,1 billion USD, up 37 percent from 778 million USD in 2007. Bunge´s net sales for 2008 totaled 52,6 billion USD, up 39 percent from 37,8 billion in 2007.

Last month, Bunge lowered its earnings expectations for 2008 to 1,06 billion USD, or 7,70 USD per share, due to an unanticipated drop in demand. The complete press release «Bunge Reports Fourth Quarter Results» (PDF | 14 pages | 135 KB) is available here.