Soybean crush knocks down Wilmar's 1Q profits

Net profit tumbled 49% to US$161.8m.

According to OCBC Investment Research, Wilmar International Limited (WIL) made a dismal start to FY14, with reported net profit tumbling 49% YoY and 56% QoQ to US$161.8m, hit by negative soybean crush margin and lower demand for soybean meal; also higher seasonal losses in its Sugar business.

Excluding exceptional items, core earnings came in around US$215m, still down 32% YoY and 39% QoQ, meeting just 15% of our FY14 forecast. Revenue of US$10,268.6m (+1% YoY but down 12% QoQ) met 22% of our full-year forecast.

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