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Bunge Profits Slide
NEW YORK - Apr 26/07 - SNS -- Bunge Limited reported net income of U.S. $14 million on sales of $8,189 million for the first quarter ending March 31, compared to a net of $58 million on sales of $5,625 million during the same three month period last year.
Alberto Weisser, Bunge's Chairman and Chief Executive Officer stated: "Agribusiness had a disappointing quarter due primarily to unrealized mark-to-market losses that caused Bunge's overall results to fall below expectations. However, our fertilizer business performed strongly, driven by high prices and robust sales for Brazilian winter plantings.
"Overall market fundamentals are solid. Crops are large and world demand for protein meal and vegetable oil is good; these conditions should benefit our operations worldwide.
"The expected shift of U.S. acreage to corn in response to ethanol demand should prompt greater plantings in South America. This, combined with healthy global agricultural commodity prices, should benefit our fertilizer business in 2007 and to a greater degree in 2008."
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