Why Wilmar is not a total loser despite 21.6% profit drop

Still a strong set of results, says analyst.

According to OCBC Investment research, Wilmar International Limited has posted a much stronger-than-expected set of FY12 results.

Although reported net profit was down 21.6% at US$1255.5m, core earnings at US$1167.0m (down 23.1%) were still 14% ahead of its forecast. OCBC Investment Research notes that the outperformance came mainly from a 32% jump in PBT from its Palm & Laurics division; this driven by the revised Indonesian export tax structure.

Here's more:

According to OCBC Investment research, Wilmar International Limited has posted a much stronger-than-expected set of FY12 results. Although reported net profit was down 21.6% at US$1255.5m, core earnings at US$1167.0m (down 23.1%) were still 14% ahead of our forecast.

We note that the outperformance came mainly from a 32% jump in PBT from its Palm & Laurics division; this driven by the revised Indonesian export tax structure.

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