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Wilmar International records fivefold rise in Q2 profit
WILMAR International Limited has posted a more than five time increase in its net profit for the second quarter ended June 30, 2018. Net profit soared to US$316.4 million from US$59 million, driven by stronger performances from the Oilseeds and Grains as well as the Tropical Oils segment, coupled with improved contributions from its associates.
The Oilseeds and Grains segment in particular outperformed by 381.2 per cent from a year ago due to improvements in soybean crushing volumes and margins, and a good performance from the consumer products business.
Revenue for the quarter was up 1.9 per cent to US$10.8 billion mainly due to both higher sales volume and commodity prices from the Oilseeds and Grains businesses, offset by the lower commodity prices in both Tropical Oils and Sugar segments.
Earnings per share rose to 5.0 US cents, from 0.9 US cent previously. The agribusiness group has declared an interim ordinary dividend of S$0.035 per share, up from S$0.030.
Wilmar International's shares closed at S$3.13 on Monday, down S$0.06 (see amendment note).
Amendment note: An earlier version of this article incorrectly stated that Wilmar International's shares closed at S$3.13 on Monday, up S$0.06. It was in fact down S$0.06. The article above has been revised to reflect this.