Wilmar gets the jitters with 70.2% profit crash to US$117.1

Blame the nasty results on losses in oilseeds and sugar.

According to OCBC, Wilmar International Limited (WIL) reported a very disappointing set of 2Q12 results. Although revenue grew by 4.3% YoY to US$11,019.7m, driven by volume growth in its Palm & Laurics, Consumer Products and Sugar businesses, reported net profit fell by a staggering 70.2% YoY to US$117.1m.

Here's more from OCBC:

Management cited losses in Oilseeds & Grains and lower profits from Plantations & Palm Oil Mill; added that Sugar also posted higher losses while Associates recorded lower contributions. Excluding non-operating items, WIL noted that core net profit would have declined 55% YoY to US$172.3m. 

For 1H12, revenue rose 6.9% to US$21,490.7m, meeting 42% of our FY12 forecast, while core net profit fell 52% to US$378.0m, or 22% of our full-year forecast. WIL has declared an interim dividend of S$0.02/share.