Bunge Q3 Results

Bunge Ltd have reported third quarter 2008 sales up 52% to $14.8 billion vs $9.73 in the same period in 2007. Net income however fell 33% to $234 million.

Sales for the nine months to 30th Sept. were up 64% at $41.631 billion and net income up 139% to $1.274 billion.

"Current conditions in the global agribusiness market are clearly different than the extraordinary ones experienced in the first half of the year. Comparatively, recent results have been pressured by softer demand for feed inputs and slower farmer selling in certain regions, as well as by reduced sales of fertilizer in Brazil.

"We see the current market environment as relatively short-lived. The basic fundamentals of our industry remain intact and should generate compelling growth for companies with global asset networks and broad product offerings," the company said.

Bunge said that it and Corn Products currently anticipate that the special shareholders' meetings of both companies will be held in mid to late December, rather than in November as previously anticipated, to approve the merger of the two firms.

"We are disappointed in the performance of the stock prices of the two companies, but Bunge's belief in the strategic rationale for the merger is unchanged," they added.