Wilmar Q3 net profit rises 35 pct, beats expectations
SINGAPORE, Nov 12 (Reuters) - Wilmar International (WLIL.SI), the world's largest listed palm oil firm, reported a better-than-expected 35 percent rise in quarterly profit, helped by a one-time gain, and said it was optimistic about prospects for the rest of the year.
Wilmar earned $653 million in July-September, up from $483 million a year ago. The earnings were higher than the average forecast of $500 million provided by three analysts surveyed by Reuters.
"The current quarter's net profit was boosted by an exceptional gain of $167.0 million arising from the sale of new shares in Wilmar China," the firm said in a statement.
Wilmar's shares have more than doubled this year but some analysts have cut their ratings after the company delayed plans in late September to list its China unit due to volatile markets. [ID:nSIN488550]
The company has boosted profits in the last few quarters, helping it outperform rivals which lack the firm's processing and refining capabilities.
(Reporting by Harry Suhartono and Kevin Lim; Editing by Anshuman Daga)
