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Wilmar Q1 net profit up 26.4%, led by tropical oils, consumer products
AGRI giant Wilmar International on Friday posted a 26.4 per cent rise in net profit to US$257 million for the first quarter from a restated US$203 million a year ago, buoyed by a better showing in the tropical oils and sugar segments as well as volume growth in the consumer products business.
The results came despite losses recorded by the group's discontinued operations in Brazil.
Lower commodity prices over the three months to March drove revenue lower by 6.2 per cent to US$10.4 billion from US$11.1 billion. Net profit excluding discontinued operations jumped 32.7 per cent to US$270 million from US$203 million.
Earnings per share came in at 4.1 US cents versus 3.2 US cents a year ago.
No dividend was recommended for the period, unchanged from a year ago.
Wilmar described its latest quarterly performance as a "reasonably good set of results" given the tough operating environment, adding that most of its businesses are doing reasonably well except sugar milling and palm plantation. It also said that it expects crushing margins to improve in the second quarter.
The counter closed unchanged at S$3.51 on Friday.