Higher tax bill drags down earnings at Wilmar International
WILMAR International blamed a bigger tax bill for the 22.6 per cent drop in fourth-quarter earnings.
Net profit was US$369.1 million (S$467.2 million) for the three months to Dec 31, down from US$476.8 million a year earlier.
Taxes went up because more of Wilmar's profit came from subsidiaries in higher tax jurisdictions.
Core profit before tax rose 7.1 per cent to US$496.4 million, despite lower sugar earnings.