Wilmar's Q4 profit hit by US$139m impairment on Australian milling business

Singapore

IMPAIRMENT losses of US$139 million from Wilmar International's milling business in Australia, led by a slump in sugar prices, soured the agri-giant's earnings for the final quarter which more than halved to US$201 million from a restated US$427 million a year ago.

Another culprit for the weaker earnings, albeit to a lesser extent, was higher net loss arising from changes in fair value of biological assets over the three months ended December 2018.

Although all segments posted growth in sales volumes, revenue fell 3 per cent to US$11.1 billion from US$11.5 billion, no thanks to lower commodity prices, chiefly palm oil and s…