Wilmar's sugar production volume turned out sour

Manufacturing and production dropped 39%.

According to DBS, despite a significant jump in spot refining margins, we understand margins in its Malaysian operations had not improved significantly, as there was high-cost inventory to be processed despite the drop in CPO prices since Sep12.

Weak refining margins in Malaysia were however offset by higher refining margins in Indonesia, which also added capacity during the quarter.

Here's more from DBS:

Following a full ramp up of utilisation in Indonesia, we expect contributions from both countries to improve significantly in 1Q13.

The group had also reported a 39% sequential drop in sugar M&P volume in 4Q12, which was unexpected. We suspect demand had slowed during the quarter – given the drop in sugar prices during the quarter.

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