For the first six months of the year, Wilmar International reported earnings of $443 million or $6.90 per share up from $332 million or $5.20 per share in the same quarter a year ago due to a strong performance from oilseeds and grains.
“In spite of tough conditions and lower crude palm oil (CPO) prices, the group achieved satisfactory results in second-quarter 2015,” said Kuok Khoon Hong, chairman and chief executive officer (CEO). “The group expects crushing margins in China to remain positive for the rest of the year and for consumer products to continue its strong performance.”
Pretax profit for the Oilseeds & Grains segment surged from $41.5 million to $115.9 million in the second quarter. The strong growth in oilseeds and grains was driven by improved crushing margins, higher volume crushed and continued robust performance in consumer products. Sales volume for oilseeds and grains manufacturing registered a 21% increase to 5.9 million tonnes.
“For the second half of 2015, refining margins are expected to be maintained for the tropical oils business with increased palm production and demand arising from lower CPO prices, though plantation and palm oil mill performances will continue to be affected by the softer CPO prices. Overall, we are cautiously optimistic that second-half 2015 performance will be satisfactory,” said Hong.