Bunge's profit falls 50.3% in the second quarter, to $ 136 million

ST. PAUL-Bunge, one of the largest global trading companies, posted a net profit of $ 136 million in the second quarter of 2013, ended on June 30. The value represents a drop of 50.3% compared to the same period of last year, when the company had profited $ 274 million. Per share earnings totaled US $ 0.75, up from the $ 1.78 a year ago.
The sales revenue of multi rose 6.8%, to $ 15.49 billion. However, analysts polled by Thomson Reuters had expected an even greater number, $ EUR 15,81 billion, on average, a profit of $ 1.34 per share.
Agribusiness segment sales, the biggest source of revenue, grew 9.3% of Bunge in the period, to $ 11,56 billion. Already sales of sugar and bioenergy business decreased 13%, to $ 939 million.
The earnings before interest and taxes totaled $ 239 million in the second quarter, falling 15.5% or $ 44 million in comparison with the same period last year.
Among the reasons for the result more lean, Bunge cites the continuity of impacts of drought that hit the us in the middle of last year and toppled the 2012/13 season harvest. American grain exports weaken due to the drought, which cut sales of corn, according to the company.
On the other hand, the multi pointed out that performance in Brazil offset the difficulties faced in the northern hemisphere. "The strong margins and sales volumes in our Brazilian operations were the main driver of the results in the quarter," the company said in a note.
In the evaluation of the CEO Soren Schroder, the first half of 2013 was "generally as expected". However, the Bunge decided to cut $ 200 million in capital expenditures this year, which now will be at $ 1 billion, and will initiate a revision in the plans for 2014. "Projects that improve more immediately the efficiency and competitiveness, and that generate return faster, will be priorities for Bunge," he said.