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Wilmar's Q1 earnings tumble 49% to US$162m

Profit weighed down by negative soya-bean crush margins in China

Published Thu, May 8, 2014 · 10:00 PM
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NEGATIVE soya-bean crush margins in China returned to haunt Wilmar International, causing its earnings to tumble 48.7 per cent in the first quarter.

Its net profit for the three months ended March 31 was US$161.8 million, down from US$315.4 million a year ago. This translated into 2.5 US cents per share, compared with 4.9 US cents last year.

Revenue was 0.7 per cent higher at US$10.3 billion.

In what Wilmar described as a quarter with "difficult operating conditions", the negative soya-bean crush margins, tougher operating conditions for palm and laurics and seasonal losses in sugar were partially offset by …

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