Bunge CIS reduces net losses by 75% to 545 mln rubles in 2011
MOSCOW. July 23 (Interfax) - According to the SPARK database, Bunge CIS (a subsidiary of world-leading agro-producer Bunge), reduced its net losses by 75% to 545 million rubles in 2011 from 2.2 billion rubles in 2010.
The company's sales revenue increased from 13.026 billion rubles in 2010 to 21.627 billion rubles in 2011.
The company's gross profit increased to 3.21 billion rubles in 2011 from 2.52 billion rubles in 2010. Commercial expenditures decreased from 1.82 billion rubles in 2010 to 1.784 billion rubles.
Bunge has been operating in Russia since 2004. The company purchased 25% in OJSC Efirnoye (Efko, the parent company of the group) and 25.01% in LC Efko Food Ingredients. At the start of 2011, Bunge was no longer a shareholder in the Russian company, saying that the companies "had different views on future development".
The company was founded in 1818 in Amsterdam. The company's headquarters is located in the U.S.
The company owns an oil-extraction plant (brands Oleina and Ideal) in Voronezh, a port and three elevators in the Rostov Region. Bunge CIS is one of the leading exporters of grain in Russia.