Wilmar plunges into first quarterly loss of US$220m

Singapore

THE unforgiving climate led oil palm giant Wilmar International to post its first ever quarterly loss of US$220 million for the second quarter from a profit of US$193 million a year ago.

The sharp swing to the red were mainly led by losses in the manufacturing business within the oilseeds and grains division that was impacted by the highly volatile soyabean market while the sugar segment was hit by delayed harvesting (due to rainfall) in Australia and accounting mark-to-market losses on sugar hedges.