WHITE PLAINS, New York (Reuters) - Bermuda-registered Bunge Ltd., the world's top oilseed processor, said yesterday quarterly earnings more than doubled from a year ago on weak currencies in South America and strong global demand for its products.

Bunge said business was off to a positive start this year, especially for its agribusiness and fertiliser segments in Brazil and Argentina. But it said its soybean crushing operations in North America were hurt by weak demand.

The food and agriculture company said fourth quarter net profit rose to $97 million, or 98 cents per share, from $48 million, or 58 cents a share, in the fourth quarter of 2001. It had more than 16 million additional shares outstanding in the 2002 quarter.

Analysts on average were looking for a profit of 87 cents per share, according to research firm Thomson First Call. Analysts' estimates ranged from 85 cents to 91 cents per share.

In December, Bunge raised its fourth-quarter earnings estimates to between $80 million and $90 million, or 81 cents to 91 cents per share. Its previous quarterly guidance was $55 million to $60 million, or 55 cents to 60 cents per share.

Bunge said it still expects first-quarter earnings of 25 to 30 cents per share and full-year 2003 earnings of $2.62 to $2.72 per share.

Analysts were expecting first-quarter earnings to average 28 cents per share, according to Thomson First Call.

Bunge's strong earnings last year were attributed in part to bumper soybean harvests in Brazil and Argentina, a key base of the company's operations and the world's second and third largest soybean producing countries after the United States.

The combined soybean production in the two countries is forecast to exceed US output this year for the first time. Brazil is now harvesting its soybean crop.

The currencies in Brazil and Argentina have eroded in value against the dollar amid economic and political turmoil. That has helped Bunge's bottom line as its operating costs in those countries are accounted for mostly in the local currency while exports are counted in dollars.

Bunge said the Brazilian real fell 34 percent and the Argentine peso 51 percent against the US dollar last year.

The company said earnings were also helped by its acquisition of French vegetable oil producer Cereol SA last year. It said Cereol contributed $7 million, or 7 cents per share, to net income in the fourth quarter.

Bunge last month announced the formation of a joint venture with DuPont Co., the largest US chemical company, to make soy ingredients aimed at tapping into the fast-growing, multibillion-dollar market for health foods.

The new venture, Solae LLC, will offer a wide range of soy-based "nutraceuticals," or foods and drinks that offer extra health benefits. The parent companies forecast Solae's annual revenue at more than $800 million.