Bunge net income in 2018 up USD 107 mln

In 2018, Bunge achieved a USD 267 million net income, USD 107 million more from the prior-year period (USD 160 million).

“Although 2018 was a substantially better year than 2017, we are not satisfied with these results, and we know that Bunge has the global assets and people to perform better in the future. In the past several months, the company has taken a number of significant and positive steps to reposition itself for sustainable growth, including announcing a leadership transition and enhancing its leadership team, refreshing our Board and establishing a Strategic Review Committee of the Board," Kathleen Hyle, Bunge's Non-Executive Board Chair, stated.

The company's net loss in 4Q2018 increased USD 5 million to USD 65 million vs USD 60 million in 4Q2017.

Total segment EBIT accounted for USD 881 million, 52 pct higher from the previous year (USD 577 million). EBIT for 4Q2018 decreased 30 pct to USD 107 million. In Grains and Oilseeds segments, this indicator grew 2.1 times to USD 709 million. In 4Q2018, Grains segment EBIT regressed to negative USD 57 million vs USD 44 million in 4Q2017. Sugar and Bioenergy segment EBIT for the year 2018 dropped to negative USD 105 million from USD 3 million in 2017.

Earlier the company informed about the appointment of Gregory A. Heckman Acting Chief Executive Officer. He replaced Soren Schroder, who previously announced his intention to step down.