Wilmar International, the world’s biggest palm-oil processing company, said third-quarter profit gained 24%, missing estimates, as foreign-exchange losses countered earnings in sugar milling, according to Bloomberg.
Net income rose to US$321 million ($407.5 million), or 5 cents a share, in the three months ended Sept. 30, compared with US$259.5 million, or 3.9 cents, a year earlier, the Singapore-based company said today in a statement.
That compares with the US$443.3 million mean estimate of four analysts in a survey compiled by Bloomberg. Excluding losses on currencies and stocks, Wilmar’s profit more than doubled to US$442.2 million.
“The group remains positive of its prospects, despite uncertainties in the global economy, due to the resilience in the demand for agricultural commodities and the continued growth of Asian economies,” Chief Executive Officer Kuok Khoon Hong said in the statement.
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