By Saurabh Chaturvedi
Wilmar International Ltd. (F34.SG) reported its financial results for the third quarter after trading hours on Tuesday.
NET PROFIT: The palm planter and trader reported net profit of $447.1 million in the September quarter, compared with $405.9 million in the same period of last year. Wilmar was expected to report net profit of $306.7 million for the quarter, according to an estimate provided by FactSet.
REVENUE: Revenue fell 2.2% on-year to $11.16 billion due to lower commodity prices. FactSet had predicted third quarter revenue of $13.06 billion.
WHAT WE WATCHED:
--ONE-TIME GAIN: Wilmar said net profit was boosted partly by a gain from the disposal of the group's discontinued operations in Brazil. Excluding gains from discontinued operations and non-operating items, the core net profit for the quarter fell 3% on year to $419.2 million.
--JOINT VENTURES: Wilmar's share of earnings from joint ventures and associates fell to $24.8 million in the quarter, compared with $66.4 million in the same period a year ago, mainly due to weaker performance at the group's investments in Africa, India and Vietnam.
--CORE BUSINESSES: Its tropical oil business reported a 24% on year increase in pre-tax profit to $193.2 million in the quarter, while the Oilseeds and Grains segment registered a small 1% increase in pre-tax profit to $301.3 million. Pre-tax profit at the company's sugar business rose 9% on year to $80.1 million.
Write to Saurabh Chaturvedi at firstname.lastname@example.org