Wilmar turns in higher Q3 gain of US$416m

AGRI-business group Wilmar International yesterday posted higher net profit for the third quarter, boosted by strong sales growth in most key business segments and improved margins in oilseeds and grains.

The world's largest palm oil processor recorded US$416 million in net profit, or 6.5 US cents in earnings per share, for the quarter ended Sept 30, up from US$405.8 million, or 6.3 US cents, a year ago. But significantly lower palm oil prices hit Wilmar's revenue, which fell 4.2 per cent to US$11.8 billion from US$12.3 billion a year ago.

Kuok Khoon Hong, Wilmar chairman and CEO, said: "Our investments in recent years in capacity expansion, new businesses and downstream products have enabled Wilmar to realise volume growth and to maintain margins amid low crude palm oil (CPO) prices. We remain focused on improving our business model and are positive about being able to capture growth opportunities and to grow profit as the global operating environment stabilises."