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Wilmar's Q3 profit jumps 46.6% to US$392m
LOWER foreign-exchange losses and gains from investment securities gave a fillip to Wilmar International's results for the third quarter.
Net profit shot up 46.6 per cent to US$392.2 million from the preceding year, the group said in a Singapore Exchange filing on Thursday.
For the three months ended Sept 30, revenue expanded 4.1 per cent to US$11.08 billion from the year-ago period, thanks to stronger commodity prices.
The group had recorded a net loss of US$153.8 million in the third quarter of 2015 due to foreign-exchange losses from its financial assets and liabilities. This year, it recorded a gain of US$19.1 million instead.
Its bottom line was also further boosted by a gain of US$7.4 million from the group's investment securities in the quarter, against a loss of US$78.9 million in the same period last year.
Earnings per share grew to 6.2 US cents from 4.2 US cents in the previous year.
Wilmar chairman and CEO Kuok Khoon Hong said in a statement the group's third-quarter results were driven by good performances in both the oilseeds and grains as well as tropical oils segments. "Barring any unforeseen circumstances, the Group's performance for the rest of the year is expected to be satisfactory."