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BUSINESS AND TRADE. Singapore-listed Wilmar International posted a 71% increase in its third-quarter core net profit on Thursday, driven by stronger performance across its segments.
The company, one of the world's largest food producers, said core net profit rose to $357.2 million for the quarter ended September 30, from $208.1 million a year ago.
Higher sales in the tropical oils business lifted volumes in the feed and industrial products business by 3.2%, while steady palm oil prices bolstered the plantations segment.
Sales in the food products segment rose 6.5% year-on-year to 9.3 million tonnes.
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"Improvement in food products segment results was largely aided by better performance in Chinaâ??s oil, flour and rice businesses," Wilmar said in a statement.
However, outside its core operations, Wilmar recorded a net loss of $347.7 million for the quarter, hit by a 11.88 trillion rupiah ($716.96 million) penalty after Indonesiaâ??s Supreme Court revoked the companyâ??s acquittal in a case involving misconduct in obtaining palm oil export permits in 2022.
Five of Wilmarâ??s units faced misconduct allegations over actions taken during the 2021 cooking oil shortage in Indonesia.
A court panel initially ruled in the companyâ??s favour in March, but the judgement was overturned after four judges were arrested for allegedly accepting bribes.
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Acknowledging the ruling, Wilmar projected a third-quarter net loss on September 26, while still expecting profitability for the full year ending December 31.
Wilmar did not issue a formal forecast for the remainder of the year but said it expects its business to remain resilient, barring any major geopolitical disruptions.
Shares of the company ended 0.6% lower.
