Bunge raised hopes of a "good year" in 2010 and a doubling in earnings, spurred by contributions from a list of acquired companies, after revealing a surprise fall into the red at the end of 2009.

Bunge shares tumbled 4.1% to $58.05 in early trade in New York.

Alberto Weisser, the agribusiness giant's chairman and chief executive, admitted the group had come to a "disappointing end to a mixed, and ultimately challenging, year" in reporting a $210 loss for the second quarter.

The loss, equivalent to $0.21 a share, compared with analysts' forecasts of earnings of $0.82 a share, according to a Reuters poll.

Shopping list

However, he added that "2010 should be a good year for Bunge, with solid performances from our businesses".

Improvement would be driven in part by a strategic shake-up, which has seen the group sell its Brazilian phosphate assets, but acquire sugar operations in Brazil and margarine businesses in Finland and Poland, and start work building a US grain elevator and Vietnamese soybean crushing plant.

"These additions will enhance our ability to supply growing markets in Asia and tap into new markets in Europe, while improving our overall efficiency," Mr Weisser said.

Earnings revival

Jacqualyn Fouse, Bunge chief financial officer, added that record harvests in the US and South America, combined with rising global demand for crops, should drive higher volumes through the agribusiness and food & ingredients divisions.

Meanwhile, industry sales of NPK fertilizers would grow by 2-4% in Brazil after "to lacklustre years".

She forecast Bunge's earnings per share hitting $5.75-6.25 in 2010, up from last year's $2.22 a share, which represented a 71% decline on the 2008 result.

Drought hangover

The South America-focused fertilizer division reported a $172m loss, despite a 40% recovery in sales volumes, as it suffered from a "continued mismatch" between low fertilizer prices and the high cost of nutrients in Bunge's inventory.