Singapore-based agribusiness giant Wilmar International on Thursday swung to a second-quarter profit, helped by a recovery in oilseeds and grains businesses.
The company, which is involved in oil palm cultivation and edible oils refining, reported a net profit of US$37.3 million for the quarter ended June 30 from a loss of US$220.3 million in the corresponding period last year.
Revenue for the quarter rose 13 percent to US$10.60 billion.
Oilseeds & Grains business recovered from its oneoff loss suffered in the second quarter last year and registered a pretax profit of US$61.1 million in the quarter, benefiting from higher crush volume and positive crush margins.
Sugar business returned losses in the quarter due to seasonal losses from plant maintenance activities and weaker performance in the merchandising and refining business.
"Oilseeds crush margins are expected to remain positive for the rest of the year and Consumer Products will improve as it enters its seasonal peak period. However, Sugar will continue to be affected by the volatility in sugar prices," CEO Kuok Khoon Hong said in a statement.
Wilmar proposed an interim dividend of S$0.03 per share.
Shares in the company ended unchanged at S$3.42 on the Singapore Exchange. The stock has lost 5 percent so far this year.