Oilseeds
 
SINGAPORE —Boosted by its Oilseeds & Grains segment, Wilmar International Ltd.’s net profit in the second quarter ended June 30 was $60.2 million, equal to $1.00 per share on the common stock, compared to a loss of $220.1 million in the second quarter of 2016. 

Revenue for the quarter was $10.599 billion, up 13.2% from $9.367 billion in the same quarter of last year.

Wilmar_KuokKhoon Hong_ Chairman and CEO
Kuok Khoon Hong, chairman and chief executive officer.
“We expect Tropical Oils to perform better in the in the second half of 2017 on the back of improvements in production yields and better margins from downstream operations,” said Kuok Khoon Hong, chairman and chief executive officer. “Oilseeds crush margins are expected to remain positive for the rest of the year and Consumer Products will improve as it enters its seasonal peak period. However, Sugar will continue to be affected by the volatility in sugar prices.” 

The company attributes the improvement for the second quarter of 2017 by the recovery in Oilseeds & Grains from the one-off losses in the second quarter in 2016, but was partially offset by weaker performances in Tropical Oils and Sugar.

Benefiting from higher crush volume and positive crush margins the Oilseeds & Grains segment registered a pre-tax profit of $61.1 million compared to a loss of $343.8 million in the second quarter of 2016.

Sales volume for Oilseeds & Grains increased 13% to 6.7 million tonnes compared to 5.9 million tonnes in the same period of last year. 

“While the group may face short-term challenges, we remain very optimistic about the tremendous growth prospects of our various businesses and will continue with our expansion plans, especially in China, India and Indonesia,” said Hong.