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Wednesday 15 August 2012

Wilmar Shares Plunge to 3-Year Low on Poor Quarterly Earnings, Outlook


By: Reuters

Shares of Wilmar International fell 10 percent to more than a three-year low after the world's largest listed palm oil firm reported quarterly earnings that missed expectations and warned of a tough outlook.
Bloomberg | Getty Images
Palm fruit being processed at a palm oil factory.














By 0106 GMT, Wilmar [WLIL.SI  3.11    -0.28  (-8.26%)] was at S$3.04, its lowest level since March 2009. Its shares have plunged about 38 percent so far this year, making them the worst performer on Singapore's benchmark Straits Times Index [.FTSTI  3059.49    -28.35  (-0.92%)   ].     

Wilmar said on Tuesday its second quarter net profit slumped 70 percent to $117.1 million from a year earlier. This was far below the average forecast of S$328 million, based on a poll of five analysts.     

Chairman and CEO Kuok Khoon Hong said short-term prospects were difficult even though Wilmar was well positioned to benefit from growth in demand for agricultural commodities, especially in Asia and emerging markets like Africa.


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