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.