SINGAPORE — Core net profit at Wilmar Ltd.  slid 3.2% to $419.2 million for the third quarter ended Sept 30, down from $433.2 million in the same period of last year. The company attributed the results to its Tropical Oils and Consumer Products as well as the recognition of a gain from the disposal of the group’s discontinued operations in Brazil. Crushing also performed better than expected.

Revenue decreased by 2.2% to $11.163 billion from $11.418 million in the same quarter in the previous year. Wilmar said the decrease reflected lower commodity prices during the quarter.

Sales volume in the third quarter increased by 6%.

In the nine months ended Sept. 30, net profit fell nearly 13% to $846.4 million, down from $968.5 million in the same period a year ago. Revenues also were lower, falling 6% to $31.39 billion from $33.31 billion. Sales volume in the first nine months increased 5% in the nine months.

The Oilseeds & Grains segment’s pretax profit for the third quarter of 2019 was $59.2 million, down sharply from $290.2 million.

“Despite the challenging operating environment, we performed well because of our integrated and diversified business model,” said Kuok Khoon Hong, chairman and chief executive officer. “Our operations in most countries also did well in the third quarter of 2019. Barring unforeseen circumstances, we expect to do well in the fourth quarter.”

The Oilseeds & Grains segment’s pretax profit for the third quarter of 2019 was $301.3 million, up 1% from $296.1 million in the third quarter of 2018.

 “The increase is mainly due to good performances by both manufacturing and consumer products,” the company said. “Compared to the first half of 2019, crush margins and volume also continued to improve.”

Sales volume for Oilseeds & Grains decreased 1% to 10 million tonnes.

“The group continued to post volume growth in consumer products, but in manufacturing sales volume was dragged down by the effects of African swine fever (ASF),” Wilmar said.

Tropical Oils pretax profit for the third quarter increased 24% to $193.2 million, up from $155.5 million in the third quarter of 2018.

“Tropical Oils was boosted by stronger performance in the manufacturing and merchandising business,” the company said. “This was achieved on the back of higher sales volume and improved processing margins during the quarter, which was partially offset by lower crude palm oil prices and production yields, reducing contributions from plantation business.”

Wilmar’s business activities include oil palm cultivation, oilseed crushing, edible oils refining, sugar milling and refining, manufacturing of consumer products, specialty fats, oleochemicals, biodiesel and fertilizers as well as rice and flour milling. At the core of Wilmar’s strategy is an integrated agribusiness model that encompasses the entire value chain of the agricultural commodity business, from cultivation, processing, merchandising to manufacturing of a wide range of branded agricultural products. It has more than 500 manufacturing plants and an extensive distribution network covering China, India, Indonesia and some 50 other countries. The group has a multinational workforce of about 90,000 people.