Bunge second quarter earnings drop
Bunge has seen its overall net profits drop 58% in the second quarter this year compared with 2008.
Net profit at Bunge for the second quarter came in at $313 million compared to $751 million in the same quarter last year. However, last year had an exceptionally strong second quarter as it included a $117 million credit resulting from a favorable ruling related to certain transactional taxes in Brazil.
Jacqualyn Fouse, chief financial officer of Bunge, said the company expects a strong second half of the year, with results weighted more heavily to the fourth quarter when the Northern Hemisphere harvest is well underway and fertilizer economics have stabilized.
Bunge will maintain its 2009 full-year earnings guidance of $4.90 to $5.40 per share.