MARKET DEVELOPMENT
UPDATE 1-Wilmar Q2 Net Jumps 18 Pct on Strong Oilseeds Business
UPDATE 1-Wilmar Q2 Net Jumps 18 Pct on Strong Oilseeds Business
* Wilmar Q2 revenue falls 12 pct on lower commodity prices
* Pre-tax profit in oilseeds and grains rises on crush margin
* Tropical oils, sugar units weigh on performance (Adds details, comment)
06/08/2015 (Reuters) - Singapore-listed Wilmar International Ltd said on Wednesday its second-quarter net profit jumped 18 percent on the year, boosted by strong performance in the oilseeds and consumer products businesses.
Wilmar, the world's largest palm oil processor, posted a net profit of $201.8 million for the quarter compared with $170.7 million in the year-ago quarter. Revenues fell 12 percent on the year to $9.3 billion on lower commodity prices.
Pre-tax profit at the oilseeds and grains unit jumped to $115.9 million in the quarter, from $41.5 million a year earlier, thanks to positive soybean crush margin in China, higher volume crushed and strong performance in its consumer products businesses.
Weak crude palm oil prices weighed on the performance of the tropical oils division, which posted a 15 percent drop in pre-tax profit for the second quarter.
The sugar unit recorded a loss before tax due to tougher operating environment, the company said.
"The group expects crushing margins in China to remain positive for the rest of the year and for consumer products to continue its strong performance," Wilmar said in a statement.
* Pre-tax profit in oilseeds and grains rises on crush margin
* Tropical oils, sugar units weigh on performance (Adds details, comment)
06/08/2015 (Reuters) - Singapore-listed Wilmar International Ltd said on Wednesday its second-quarter net profit jumped 18 percent on the year, boosted by strong performance in the oilseeds and consumer products businesses.
Wilmar, the world's largest palm oil processor, posted a net profit of $201.8 million for the quarter compared with $170.7 million in the year-ago quarter. Revenues fell 12 percent on the year to $9.3 billion on lower commodity prices.
Pre-tax profit at the oilseeds and grains unit jumped to $115.9 million in the quarter, from $41.5 million a year earlier, thanks to positive soybean crush margin in China, higher volume crushed and strong performance in its consumer products businesses.
Weak crude palm oil prices weighed on the performance of the tropical oils division, which posted a 15 percent drop in pre-tax profit for the second quarter.
The sugar unit recorded a loss before tax due to tougher operating environment, the company said.
"The group expects crushing margins in China to remain positive for the rest of the year and for consumer products to continue its strong performance," Wilmar said in a statement.