Investment, forex losses slash Wilmar gain
Group Q3 profit dives 34 per cent to US$276m on 7.6 per cent lower revenue of US$10.6 billion
Singapore
NET profit for Wilmar International fell 34.7 per cent to US$275.8 million in the third quarter, as higher losses from its investment securities and higher foreign exchange losses dragged down the bottomline.
The group's revenue slipped 7.6 per cent to US$10.6 billion, mainly due to lower commodity prices.
Excluding non-operating items such as its investment loss, Wilmar said its core net profit was 16.5 per cent lower at US$359 million.
Non-operating expenses had ballooned from US$5.2 million the same period last year to US$78.9 million, as the group racked up higher losses from its investment securitie…
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Syngenta to withdraw China IPO application on weak market: sources
Chinese firms’ fundraisings in limbo as IPOs scrutinised at home and abroad
China’s Huawei continues rebound with strongest earnings growth since 2019
Hatten Land gets notice of default, letter of demand for RM14 million, appoints financial adviser
ComfortDelGro wins contracts to run buses in Manchester
Sam Bankman-Fried, at sentencing, acknowledges FTX customers have suffered