KUALA LUMPUR: Shares of PPB GROUP BHD [] may see trading interest on Friday, May 13 could see trading interest after the major contributor to its earnings, Wilmar International Ltd posted a smaller-than-expected fall in first-quarter net profit.
Wilmar posted a net profit of US$386.7 million for the quarter ended March 31, 2011.
It announced to the Singapore Exchange the net profit included the fair value loss on embedded derivatives of its convertible bonds and a profit within the sugar segment relating to pre-acquisition hedging reserves.
'Excluding these exceptional items, the group would have recorded a 3% growth in net profit to US$407.8 million (1Q2010: US$394.2 million),' it said to the exchange.
Wilmar said revenue was up 41% to US$9.5 billion for the quarter driven primarily by higher prices of agricultural commodities while bulk sales volume was 14% lower.
Its chairman and CEO, Kuok Khoon Hong said: 'The group remains positive on its prospects, despite a challenging operating environment in China arising from the monetary tightening and anti-inflationary measures implemented by the Chinese government.
'Asian economies will continue to see strong growth and the strength of
Wilmar's integrated business model will continue to enable the Group to benefit from this growth. '
Reuters reports that Wilmar's net profit hit by weakness in consumer products segment, derivative losses and loss from its new sugar milling business.
The firm, which generated more than half of its revenue from China, has been hit by government price control on vegetable oils as Beijing try to rein in food inflation.
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Wilmar posted a net profit of US$386.7 million for the quarter ended March 31, 2011.
It announced to the Singapore Exchange the net profit included the fair value loss on embedded derivatives of its convertible bonds and a profit within the sugar segment relating to pre-acquisition hedging reserves.
'Excluding these exceptional items, the group would have recorded a 3% growth in net profit to US$407.8 million (1Q2010: US$394.2 million),' it said to the exchange.
Wilmar said revenue was up 41% to US$9.5 billion for the quarter driven primarily by higher prices of agricultural commodities while bulk sales volume was 14% lower.
Its chairman and CEO, Kuok Khoon Hong said: 'The group remains positive on its prospects, despite a challenging operating environment in China arising from the monetary tightening and anti-inflationary measures implemented by the Chinese government.
'Asian economies will continue to see strong growth and the strength of
Wilmar's integrated business model will continue to enable the Group to benefit from this growth. '
Reuters reports that Wilmar's net profit hit by weakness in consumer products segment, derivative losses and loss from its new sugar milling business.
The firm, which generated more than half of its revenue from China, has been hit by government price control on vegetable oils as Beijing try to rein in food inflation.
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