Wilmar's net profit plunged 30.7% to US$218.5m

Badly hit by lower crushing margins.

According to OCBC Investment Research, Wilmar International Limited (WIL) posted its 2Q13 results last evening. OCBC noted that While net profit jumped 86.5% YoY to US$218.5m (mainly due to the loss in its Oilseeds & Grains segment in 2Q12), it was still down 30.7% QoQ, likely hit by lower crushing margins in the quarter.

Meanwhile, revenue eased 5.4% YoY (+2.2% QoQ) to US$10426.3m, on lower CPO prices (but was alleviated by volume growth in other segments).

Here's more:

For 1H13, revenue slipped 4.0% to US$20626.8m, meeting 41.5% of our full-year forecast, while net profit climbed 43.1% to US$533.9m, or about 40.1% of our FY13 forecast. WIL declared an interim dividend of S$0.025/share, versus S$0.02 in 1H12. We will have more after the analyst briefing at noon.

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