American food company Bunge has reported net loss of $27m in the first quarter of fiscal 2014, compared to net income of $170m in the same quarter a year ago.
The company's gross profit was $414m, a decrease from $647m in the corresponding period last year.
Net sales for Q1 2014 have also dropped to $13.46bn from $14.78bn in the first quarter of fiscal 2013.
Bunge chief executive officer Soren Schroder said the first quarter was slower than expected, but the outlook for the remainder of the year is positive.
"Results in the quarter were primarily impacted by losses in our grain trading & distribution business that are behind us and a temporarily depressed crushing environment in China."
Source:
http://oilandfats.food-business-review.com/news/bunge-reports-loss-in-q1-050514-4258227
