10 May 2012 10:25 [Source: ICIS news]
SINGAPORE (ICIS)--Wilmar International’s net profit fell by 33.8% year on year to $255.9m (€197m) in the first quarter of this year mainly as a result of lower margins at its oilseeds and grains business, the Singapore-listed palm oil major said on Thursday.
The company’s revenues rose by 9.8% year on year to $10.5bn in the first quarter, driven primarily by strong volume growth across all key business segments, the company said in a statement.
Its average selling prices “were generally lower, reflecting a drop in agricultural commodities prices over the first quarter of 2011”, it added.
“All the other key business segments of the group, especially palm and laurics, are expected to perform satisfactorily for the rest of the year while [the] oilseeds crushing margin in China is expected to remain challenging due to excess capacity,” added Kuok Khoon Hong, chairman and CEO of Wilmar.
($1 = €0.77)
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