SINGAPORE - Agri-business group Wilmar International has returned to the black in the second quarter ended June 30, 2017, with a net profit of US$60.2 million.
This marks a significant reversal from its net loss of US$220.1 million in the same period a year earlier - thanks largely to higher non-operating gains arising from the group's investment securities, Wilmar said in a statement on Thursday (Aug 10).
Core net profit was US$37.3 million, compared with a core net loss of US$220.3 million previously. The improvement was driven by recovery in the oilseeds and grains business from the one-off losses in the second quarter last year, though partially offset by weaker performances in the tropical oils and sugar businesses.
Revenue grew 13.2 per cent to US$10.6 billion due to higher sales volume from the oilseeds and grains, and sugar businesses, as well as stronger commodity prices.
For the half year ended June 30, net profit skyrocketed from US$19.3 million to US$421.8 million, while revenue rose 15.2 per cent to US$21.17 billion.
Wilmar has proposed an interim dividend of three cents per share, 20 per cent higher than the 2.5 cents previously.
Wilmar shares closed flat at $3.42 on Thursday, before the results were announced.