Wilmar's profit down 34% to $255.9m in Q1

The decline was largely due to the lower oil seeds and grains business.

Wilmar International Limited said it posted a 34% decrease in net profit to US$255.9 million for the quarter ended March 31. The decline in net profit was largely due to lower Oilseeds & Grains margins. However, the Group enjoyed robust earnings growth from Palm & Laurics, Consumer Products and Plantations & Palm Oil  Mills.

Revenue was up 10% to US$10.47 billion for the quarter, driven primarily by strong volume growth across all key business segments, which resulted from consumption growth and market share gains. Average selling prices were generally lower, reflecting a drop in agricultural commodities prices over 1Q2011.

Excluding non-operating items, the group’s net profit registered a drop of 51% to US$205.6 million in 1Q2012.