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Wilmar ekes out a 3% net profit rise to $416m
Despite revenue dropping 4%.
Wilmar International Limited’s (WIL) announced its 3Q13 results last night, with revenue easing 4% to US$11,837m, mainly due to lower CPO prices, reported OCBC Investment Research.
"Nevertheless, reported net profit climbed 3% to US$416m, aided by better margins from its Palm & Laurics and also Oilseeds & Grains divisions," said OCBC.
"Core earnings was up 1% at US$391m. For 9M13, revenue slipped 4% to US$32,463m, meeting 66% of our FY13 forecast, while reported net profit climbed 22% to US$950m; core earnings rose 24% to US$950m, meeting 76% of our full-year forecast," it added.
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