Wilmar's profits jumped 23.3% to US$315.4m

But risks loom in 2013.

According to OCBC Investment Research, Wilmar International Limited (WIL) posted revenue of US$10.2b, down 2.6% YoY and  12.2% QoQ, meeting 20.5% of its FY13 forecast; this mainly due to significantly lower selling prices for palm and sugar products.

Nevertheless, reported net profit rose 23.3% YoY (but fell 33.9% QoQ) to US$315.4m; excluding non-operating items, core net profit jumped 52.6% to US$313.7m, although down 21.8% QoQ, it still met 23.6% of analyst's full-year forecast.

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According to management, the improvement came largely from a sharp recovery in its Oilseeds & Grains business; Consumer Products also benefited from volume growth. Going forward, management remains confident that WIL will overcome the difficult environment expected for the rest of 2013.

While WIL notes that the bird flu in China will affect meal consumption in the short term, it does not expect to have long-term effect.