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Wilmar International Limited : Wilmar 4Q Net Profit Falls 4.7% to S$476.8 Million

02/21/2013 | 07:52pm US/Eastern
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   By Martin Vaughan 
 

SINGAPORE--Wilmar International Ltd.'s (F34.SG) net profit in the fourth quarter fell 4.7%, weighed by lower palm oil prices, the company said Friday.

Fourth-quarter net profit was 476.8 million Singapore dollars (US$384 million), down from S$500.0 million recorded in the same period in 2011, the commodities grower and processor said in a statement.

A decline in crude palm oil prices hit profits in the firm's plantations segment, which were down 23% compared to the previous year. Profits in most other segments grew, including an 8% increase in the sugar business.

But the company struck an optimistic tone for the years ahead, citing demand for commodities from emerging markets.

"Whilst uncertainties in the global economy remain, we are cautiously optimistic of our long term prospects due to good economic growth in our main markets of China, India and Indonesia and the robust business model we have built up over the years," said Wilmar Chairman and CEO Kuok Khoon Hong in the statement.

Fourth-quarter revenue rose 0.9% on year to S$11.62 billion.

Write to Martin Vaughan at martin.vaughan@dowjones.com

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