Profits fall 34.7 per cent at Wilmar International due to mark-to-market losses

SINGAPORE- Mark-to-market losses in investment securities sent third quarter net profit down at agribusiness group Wilmar.

Net profit for the three months to Sept 30 fell 34.7 per cent compared with the same period a year ago, to US$275.9 million. Revenue fell 7.6 per cent to US$10.6 billion.

Revenue fell mainly due to lower commodity prices, Wilmar said in a statement.

Earnings per share for the three months was 4.3 US cents, down from 6.6 US cents last year.

Net asset value per share was US$2.35 as at Sept 30, down from US$2.42 as at Dec 31.

Chairman Kuok Khoon Hong, said the group expected performance of the oilseeds and grains business to "remain satisfactory".

Mr Kuok, who is also chief executive, said product margins for the tropical oils business should also improve.

"Overall, we remain optimistic that performance for the remainder of the year will be satisfactory, " he said.