SINGAPORE: Wilmar International's net profit in the fourth quarter fell 4.7 per cent, weighed mainly by lower palm oil prices.
Fourth-quarter net profit was US$476.8 million (S$590 million), down from US$500 million recorded in the same period in 2011.
A decline in crude palm oil prices hit profits in the firm's plantations segment, which were down 23 per cent compared to the previous year.
Fourth-quarter revenue rose 0.9 per cent on year to US$11.6 billion (S$14.4 billion).
Wilmar International's chairman and CEO Kuok Khoon Hong said the Group remains positive on its long term prospects due to "good economic growth" in its main markets of China, India and Indonesia and robust business model.
Separately, Wilmar International and Noble Group also announced a joint venture to develop palm projects in Papua, Indonesia.
In a statement, the companies said Wilmar's subsidiary Newbloom will hold a 53.74 per cent equity stake in the venture while Noble unit Noble Plantations will own a 46.27 per cent stake.
The joint venture owns a majority interest in PT Henrison Inti Persada, which owns 22,953 hectares of land in Papua.
- CNA/ck
Wilmar International's Q4 net profit falls 4.7%
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Wilmar International's Q4 net profit falls 4.7%
