Wilmar plunges into first quarterly loss of US$220m
Group, which has warned of the loss, was hit by highly volatile soyabean market and sugar segment woes
Add BT as a preferred source
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.
TRENDING NOW
CSE Global independent director quits after clashes with chairman Eugene Lai over board refresh
Cat A COE rate exceeds Cat B for third time in 4 months; premiums largely down
‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse
Manulife pulls loan product for rich Hong Kong clients after scrutiny
