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Wilmar warns of Q2 loss
MAINBOARD-listed agribusiness Wilmar International has warned that it expects to report a net loss of US$230 million for its second quarter ended June 30, 2016.
Wilmar said in an announcement on Tuesday that this loss was due to "challenging operating conditions" during the quarter, which it said were flagged in its first-quarter results announcement.
It said poor and volatile conditions affected the group's performance in the manufacturing sub-segment of its oilseeds and grains segment and its sugar segment. It added, however, that its tropical oils segment and consumer products sub-segment continued to perform satisfactorily.
Wilmar said it still expects to remain profitable for the first half of the year, though that profit could be significantly lower than the year before.
Wilmar shares ended unchanged at S$3.35 apiece.