Bunge reduced profits by $228 million in 2017
In the first half of 2017, Bunge received $128 million in net profit, which is $228 million less compared to the same period last year.
According to the data from the company's report, net profit amounted to $128 million in the first half of 2017 (-64% compared to 2016). Net income per common share constitutes $0.79 compared with $2.43 in 2016.
EBIT for the first 6 months of 2017 amounted to $218 million, which is 59.6% less than last year ($539 million). The significant drop — from $268 million to $33 million, or 8.1 times — in EBIT in the grain segment of the company affected the net income. The overall segment EBIT in agribusiness decreased in 3.6 times to $127 million.
It is noted that by increasing the company's productivity in the second half of 2017, an additional $100 million in profit is expected.
“We announced a global Competitiveness Program to lower costs, increase efficiencies and reengineer the way we work. We expect this Program to reduce overhead costs by $250 million by the end of 2019 with $100 million of savings expected in 2018," the report says.