Singapore's Wilmar third-quarter profit slumps 36% on weak China, sugar segment (updated)

Wilmar International

30/10/2024 09:54

(Adds details, background from paragraph 2 onwards)
       Oct 30 (Reuters) - Singapore-listed Wilmar International
 WLIL.SI  reported a 35.7% fall in third-quarter core net profit
on Wednesday, weighed down by weaker China and sugar division
operations.
    The company, one of the world's largest food producers, said
core net profit was $208.1 million for the three months ended
Sept. 30, compared with $323.6 million a year ago.
    Wilmar faced a labour dispute at its Australian sugar maker
unit, Wilmar Sugar and Renewables, which was resolved in
September. 
    The dispute disrupted sugar production, delaying the start
of the cane-crushing season and leading to several shutdowns.
    Wilmar earlier this month cut projections for sugar
production in Brazil. 
    The company also said that weaker contribution from its
China operations, which made up for about half of its revenue in
fiscal 2023, dragged its profit.
    Sales volume in its Feed and Industrial Products segment —
the biggest profit generator — was 18.2 million tonnes, up 9.8%.
    Revenue for the quarter remained largely flat at $17.75
billion.

 (Reporting by Aaditya Govind Rao and Shivangi Lahiri in
Bengaluru; Editing by Pooja Desai amd Sriraj Kalluvila)
 ((Shivangi.Lahiri@thomsonreuters.com;))