Wilmar profits down 5.7% to $503.72m in Q3

The weak performance of the tropical oils and sugar business is to blame.

Wilmar profits decreased 5.7% YoY to $503.72m (US$370.03m) in Q3 due to weaker sales volume of its tropical oils and sugar business which reported a 51% and 13% decline in pre-tax profits respectively.

According to its financial statement, strong performance from the oilseeds and grain segments coupled with increased contributions from associates was able to offset the decline in the tropical oils and sugar segments.

Revenue rose marginally by 0.4% to $15.15m (US$11.13m) as boosted by higher sales from oilseeds and grains segments.

“We expect the good performance in the Oilseeds & Grains segment to continue into the fourth quarter, with crush margins and volume anticipated to remain positive. We will continue with our expansion plans, especially in Oilseeds and Grains including Consumer Products,” said CEO Kuok Khoon Hong.