White Plains, N.Y.-Bunge Ltd.’s second quarter fertilizer operating profit was off 57 percent, to $16 million on sales of $381 million, versus the year-ago $37 million and $431 million, respectively. Volumes were off only 3 percent, to 1.87 million mt from 1.927 million mt. Bunge said that soy farmers delayed purchases in anticipation of a government aid package. Even though the Brazilian fertilizer association projects lower year-over-year retail sales, Bunge expects its own business to perform better than last year due to cost reductions, enhanced risk management, and reduced inventory levels. Six-month fert profits were actually up slightly, to $47 million on sales of $801 million from the year-ago $46 million and $834 million, respectively. Six-month volumes were down, at 3.59 million mt from 3.66 million mt. Bunge-wide, second quarter net income was off 73 percent, to $30 million on sales of $5.98 billion, versus the year-ago $113 million and $5.87 billion, respectively. Six-month net income was $88 million on sales of $11.6 billion, from the year-ago $211 million and $11.32 billion. The company expects better results for the second half.
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