26 Oct '13, 3pm

Bunge: Now Less Sugar

Bunge: Now Less Sugar

In New York, in the wake of a $37 million Q1 loss in its sugar unit, Bunge [BG ] CEO Soren Schroder, who took the reins of the company in June, announced yesterday that the trading giant is commencing what he termed a “thoughtful comprehensive review” for its sugar business, including a potential sale of all the assets. The company, which announced a $137 million overall quarterly loss, after posting a Q4 loss of $599 million in June. The Q4 loss included write-downs and charges of $683 million, including a $327 million write-down in its sugar and bioenergy unit. Bunge’s sugar woes The cause of the troubles? After buying five sugar mills in 2006 and entering the sugar business in 2006, Bunge has struggled along with the entire sector in the face of low sugar prices, which declined to a low of 16 cents a pound (the May 2014 NYMEX sugar contract has since recovered to $0.183...

Full article: http://www.altenergystocks.com/archives/2013/10/bunge_now...

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