Wilmar posts 26.2% fall in Q1 net profit to US$391.4m
Add BT as a preferred source
Renald Yeo
AGRIBUSINESS group Wilmar International reported a 26.2 per cent drop in net profit to US$391.4 million in the first quarter ended Mar 31, 2023, down from US$530.3 million in the same period a year prior.
Revenue in Q1 fell 3.8 per cent to US$16.9 billion, from US$17.6 billion in the year-ago quarter.
This was partially offset by higher sales volume in its food products, and feed and industrial products business segments, Wilmar said in a bourse filing on Friday (Apr 28).
Share of profits of joint ventures and associates were higher in Q1, especially from India and Europe.
The group reported non-operating gains from its investment securities and a lower effective tax rate as well.
Its results for Q1 were “satisfactory, despite the uncertain macroeconomic outlook at the start of the year”, Wilmar said.
“With our diversified and integrated business strategies, we are cautiously optimistic that performance for the rest of the year will remain satisfactory.”
Shares of Wilmar International fell S$0.04 or 1 per cent to S$3.93 on Friday, prior to the announcement.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
TRENDING NOW
ComfortDelGro’s Zig to buy S$10 million worth of BYD cars for private-hire fleet
Singapore telco price war squeezes earnings, strengthens case for StarHub-M1 deal, say analysts
Sats slides 13.6% as investors dump shares on profit-margin squeeze
When every phone becomes a satellite phone, what happens to Asia’s telcos?
