Here's how badly Wilmar was hurt by Avian flu scare

Soybean meal volume dropped.

According to DBS, except for stronger-than-expected Palm & Lauric M&P pretax profits, contributions were weaker across the board.

Lower soybean meal volume due to Avian flu and a drop in soybean oil prices dragged Oilseeds & Grains M&P profits, while price cuts and higher promotional expenses reduced Consumer segment profits.

Here's more from DBS:

Lower CPO ASP and output cut Plantations profits, while a drop in sugar prices resulted in pretax loss for Sugar. The group also booked smaller associate contribution and US$21m net loss in investment securities.

We expect Wilmar’s 2H13 earnings to seasonally improve. However following 1H13 results, we toned down group M&P sales volume by 9%; partly offset by higher interest income. FY13F/14F/15F earnings are therefore cut by 1%/3%/ 4%, respectively.