Wilmar’s Q1 net profit down 41% amid palm oil price fall

Lower crude palm oil prices and weakness in its sugar business both took their toll on agribusiness giant Wilmar International’s first-quarter earnings. Wilmar clocked a net profit of US$203.3 million (S$272 million) for the three months to March 31, down by 40.6 per cent on the previous year. The tumble came even though stronger oilseeds and grains sales helped to push group revenue higher by 5.7 per cent, to US$11.17 billion.