February 21, 2019 / 10:05 AM / 6 months ago

Singapore's Wilmar Q4 net profit halves on provision

SINGAPORE, Feb 21 (Reuters) - Singapore-listed commodity trader Wilmar International Ltd reported a more than 50 percent fall in fourth-quarter net profit on Thursday, mainly due to a provision linked to its sugar milling assets in Australia.

The company, which has U.S. agricultural trader Archer Daniels Midland Co among its biggest shareholders, said net profit fell to $200.9 million in the three months ended Dec. 31, from $426.7 million in the same quarter a year ago.

The latest quarter included a provision for impairment of $138.6 million on its goodwill and sugar milling assets in Australia.

Wilmar’s core net profit, which excludes non-operating items, dropped to $334.7 million from $373 million a year earlier.

Wilmar’s annual net profit fell nearly 6 percent to $1.13 billion, versus analysts’ average estimate of $1.2 billion, according to Refinitiv data. Its annual core net profit rose more than 27 percent to $1.30 billion. (Reporting by Aradhana Aravindan; editing by Darren Schuettler)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below