SINGAPORE - Wilmar International Ltd, the world's largest listed palm oil firm, posted on Friday a 60 per cent rise in fourth quarter net profit due to higher palm oil prices and processing margins.
Wilmar, which owns oil palm plantations and runs milling, crushing, refining and processing plants in Indonesia and Malaysia, earned US$374 million in the October-December quarter, up from US$234 million a year ago.
The figure was higher than analysts' forecast that earnings will come in around US$260 million.
Wilmar's net profit for the full year was US$1.53 billion, beating the average estimate of US$1.42 billion by 11 analysts polled by Thomson Reuters.
'We are cautiously optimistic on our group's prospects,' the firm said in a statement.
'The relative resilience in the demand for staple food commodities together with the strengths of our balance sheet and integrated business model will position us to weather the uncertainties ahead.' -- REUTERS
