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%)
].
-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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