Wilmar International posts first quarterly loss of US$220m for Q2

WILMAR International posted its first ever quarterly loss of US$220 million in the second quarter, from a profit of US$193 million a year ago, amid difficult operating conditions.

The losses were owing to the volatile soybeans market which impacted the oilseeds and grains division, while the sugar segment was hit by delayed harvesting in Australia and accounting mark-to-market losses on sugar hedges.

The tropical oils segment continued to perform favourably with stronger performance from downstream businesses, while plantation was affected by lower production, said Wilmar on Thursday.

Revenue was flat at US$9.4 billion, up 0.9 per cent from US$9.3 billion a year ago.

It made a loss per share of 3.5 US cents over the quarter versus an earnings per share of three US cents in the previous year.

The company declared a dividend of 2.5 US cents, the same as the previous year.

The shares closed unchanged at S$3.09 on Thursday.