March 4, 2008
 

Bunge overstated net sales, cost of goods sold for 2007

Bunge Ltd. (BG), the White Plains, N.Y., agribusiness and food company, said that in its annual report, filed Monday (March 4, 2008) with the Securities and Exchange Commission, it corrected 2007 net sales and cost of goods sold, which were overstated in its 2007 preliminary report.

The corrections total about US$7 billion for the two figures and do not affect segment operating profit, net income, or earnings per share, Bunge said.

The company said that the errors reflected "material weaknesses" in its internal financial-reporting controls and that it would remedy the weaknesses.