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Wilmar's Q2 profit falls 22% on lower margins, losses from associates

Published on Aug 7, 2014 6:38 PM
 
Bottles of Wilmar International Ltd. Arawana brand cooking oil sit on a shelf at a supermarket in Shanghai, China, on Friday, Aug 14, 2009. Commodities player Wilmar International has reported a 22 per cent drop in its second quarter net profit to US$170.7 million (S$213 million). -- PHOTO: BLOOMBERG

SINGAPORE - Commodities player Wilmar International has reported a 22 per cent drop in its second quarter net profit to US$170.7 million (S$213 million).

Net profit fell despite revenue creeping up 0.9 per cent to US$10.5 billion for the three months to June 30.

The company said on Thursday the lower net profit was mainly due to margin contraction in its palm business segment as well as losses from its associates.

The palm and laurics business recorded a 4 per cent decline in sales volume to six million metric tonnes in the quarter.

 
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