February 21, 2019 / 10:04 AM / 9 months ago

Singapore's Wilmar Q4 net profit halves on provision

SINGAPORE, Feb 21 (Reuters) - Singapore-listed commodity trader Wilmar International Ltd reported a more than 50 percent fall in fourth-quarter net profit on Thursday, mainly due to a provision linked to its sugar milling assets in Australia.

The company, which has U.S. agricultural trader Archer Daniels Midland Co among its biggest shareholders, said net profit fell to $200.9 million in the three months ended Dec. 31, from $426.7 million in the same quarter a year ago.

The latest quarter included a provision for impairment of $138.6 million on its goodwill and sugar milling assets in Australia.

Wilmar’s core net profit, which excludes non-operating items, dropped to $334.7 million from $373 million a year earlier.

Wilmar’s annual net profit fell nearly 6 percent to $1.13 billion, versus analysts’ average estimate of $1.2 billion, according to Refinitiv data. Its annual core net profit rose more than 27 percent to $1.30 billion. (Reporting by Aradhana Aravindan; editing by Darren Schuettler)

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