SINGAPORE: Wilmar Q1 profit climbs
- Net profit up 23%
- Net sales down 3%
Despite strong volume growth across all business segments, revenue was down
Singapore agribusiness giant Wilmar International has booked an increase in first-quarter earnings and offered a confident outlook for the remainder of the year.
In the three-month period, net profit increased 23% to US$315.4m, the company reported today (8 May). The improvement was largely due to a sharp recovery in its oilseeds and grains division during the quarter, it said.
Despite strong volume growth across all business segments, revenue was down 3% to $10.2bn due to "significantly" lower selling prices for palm and sugar products.
Chairman Kuok Khoon Hong said: "With our resilient integrated business model and new businesses developed in the last few years, we are reasonably confident that we will overcome the difficult environment expected for the rest of the year."
Click here to view the earnings release.
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