Wilmar International, the world's largest listed palm oil firm, on Wednesday posted a better-than-expected 57% rise in fourth quarter net profit, helped by contributions from its expanded sugar operations.
The company posted a net profit of US$500 million ($629 million), up from US$318.6 million a year ago. It was the highest quarterly profit since September 2009 and exceeded the US$469.2 million average forecast of five analysts polled by Reuters.
The company's earnings in 2010 were hit by weak margins at its oilseeds and grains business and ill-timed purchases of the commodities.
Wilmar, which owns palm oil plantations in Indonesia and Malaysia as well as sugar operations in Australia, said it is well positioned to capture agri-related expansion opportunities that might arise this year.
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