Wilmar squeezed by poorer margins, associates' losses
LOWER margins and losses from associates dented Wilmar International's second-quarter bottomline.
Wilmar, Asia-Pacific's biggest listed agricultural products company, posted a 21.9 per cent drop in net profit to US$170.7 million for the three months ended June, from US$218.5 million a year ago.
Palm and laurics suffered a refining margin squeeze because of tighter supply of crude palm oil (CPO) and excess refining capacity in the industry. This segment recorded a 4 per cent dip in sales volume to six million tonnes in the second-quarter.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
DBS customers unable to log into digibank, PayLah! on Thursday
NYSE-parent ICE’s revenue misses as muted IPO markets offset record energy trading
Amazon bets big with CrowdStrike on cybersecurity products
Goldman Sachs scraps EU-era bonus cap for top bankers in UK: source
Thomson Reuters lifts 2024 forecast on first quarter revenue result
US: Wall St opens higher after Fed leaves interest rates alone