Wilmar International: 3Q Net Profit US$275.9 Million Vs US$422.4 Million Year Ago

   By Lucy Craymer 
 

HONG KONG--Wilmar International Ltd. (F34.SG) reported Wednesday that its net profit fell 34.7% on-year in the third quarter, mainly from mark-to-market losses in investment securities.

Net profit for the three months to Sep. 30 was US$275.9 million, compared with US$422.4 million in the same period last year, Wilmar said in a statement to Singapore Exchange, where it's listed.

Core net profit, which strips out non-operating income, dropped 16.5% to US$359.0 million, the world's largest palm oil trader by market share said.

Revenue declined 7.6% to US$10.6 billion, mainly due to lower commodity prices, Wilmar said.

Pretax profit from Wilmar's main oil plantation and manufacturing business declined 46% on-year in the third quarter to US$101.5 million, as lower palm oil prices weighed on profit. However, an improvement on production yield on its plantations partly offset the fall in prices, the company said.

Write to Lucy Craymer at [e-mail], @lucy_craymer

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November 11, 2015 05:30 ET (10:30 GMT)

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