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UPDATE 1-Bunge posts first-quarter profit, appoints new CFO

(Adds CFO appointment, details on first-quarter results)

May 8 (Reuters) - U.S. agricultural commodities trader Bunge Ltd posted a first-quarter profit on Wednesday, compared with a year-ago loss, powered by higher crushing margins in its oilseeds business in the United States, Brazil and Europe.

The company also said it had appointed John Neppl as chief financial officer, effective May 29. Neppl joins from U.S. ethanol producer Green Plains Inc.

Bunge said net profit from continuing operations was $45 million, or 26 cents per share, in the three months ended March 31, compared with a loss of $21 million, or 20 cents per share, a year earlier.

The year-ago loss reflected a $120 million charge due to a devaluation of some oilseed crushing contracts.

Adjusted net income was 36 cents per share in the first quarter.

Net sales in the reported quarter fell to $9.94 billion from $10.64 billion.

Bunge, one of the "ABCD" companies that dominate global grains trading along with Archer Daniels Midland Co, Cargill Inc and Louis Dreyfus Co, said gross profit at the agribusiness segment rose to $235 million from $203 million. (Reporting by Shradha Singh in Bengaluru; Editing by Subhranshu Sahu)