Wilmar posts 70% rise in Q4 profit

WILMAR International on Monday posted a 69.9 per cent year-on-year increase in net profit for the fourth quarter ended Dec 31, 2016, to US$560.8 million, led by stronger performance across all segments.

The better showing was also owing to recognition of deferred tax assets for its Indonesian operations.

This was achieved on the back of a 26.7 per cent rise in revenue to US$11.95 billion, mainly driven by stronger commodity prices for the quarter and partly supported by higher sales volume.

Earnings per share for the quarter came in at 8.9 US cents versus 5.2 US cents in the previous year's corresponding period.

The company declared an interim dividend and a final dividend per share of 2.5 Singapore cents and four Singapore cents respectively versus an interim dividend of 2.5 Singapore cents and a final dividend of 5.5 Singapore cents a year ago.

The counter slipped four Singapore cents or 1.01 per cent to finish at S$3.90 on Monday.