November 12, 2018 / 9:55 AM / a month ago

Singapore's Wilmar Q3 net profit rises 11 pct

SINGAPORE, Nov 12 (Reuters) - Singapore-listed commodity trader Wilmar International Ltd on Monday posted a rise of nearly 11 percent in its third-quarter net profit, helped by stronger performance across its key businesses.

The company, whose top shareholders include U.S. agricultural trader Archer Daniels Midland Co, reported a net profit of $407.4 million for the three months ended September, compared with $368.1 million a year earlier.

Wilmar’s core net profit, which excludes non-operating items, spiked 35 percent to $434.7 million.

The company’s oilseeds and grains business posted a pretax profit of $296.9 million versus $252.8 million in the year-earlier period. Its sugar segment’s pretax profit rose 2 percent in the quarter, while its tropical oils business reported a 93 percent increase in pretax profit.

“We expect most of our operations to continue to do well in the coming quarter, due to generally better processing margins. Overall, we are cautiously optimistic that performance for the rest of the year will be satisfactory,” Kuok Khoon Hong, the company’s chairman and chief executive, said in a statement. (Reporting by Aradhana Aravindan; Editing by Vyas Mohan)

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