Wilmar's Q1 net profit leaps 51% to US$361.6m

WILMAR International's net profit for the first quarter jumped 51 per cent to US$361.6 million from US$239.4 million a year ago, buoyed by good performance in the oilseeds and grains and tropical oils segments as well as higher contributions from associates.

Gains from the group's portfolio of investment securities owing to better equities markets also led to the improved showing.

Core net profit was up 40.5 per cent in the three months to March at US$312.6 million.

Revenue rose 17.4 per cent to US$10.6 billion, largely driven by higher commodity prices and stronger sales volumes for tropical oils and sugar businesses.

Earnings per share for the period under review came in at 5.7 US cents versus 3.8 US cents a year ago.

Wilmar shares fell four Singapore cents or 1.15 per cent to finish at S$3.43 on Thursday.