Swine fever hurts crush margins, halves Wilmar's Q2 net profit

Singapore

AGRICULTURE giant Wilmar International's net profit for the second quarter halved to US$150.9 million from a restated US$316.4 million a year ago as the African swine fever in China hurt demand for soybean meal, one of the group's primary products.

Other culprits were weaker showing from its China associates and the sugar business - this segment posted a wider pre-tax loss of US$69 million mainly due to consolidation of Shree Renuka Sugars Limited which became a subsidiary in June 2018 and the accounting losses of its discontinued operations in Brazil.