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Singapore based agricultural trader Wilmar reported a 70 per cent jump in fourth quarter earnings, thanks to higher palm oil and sugar prices, but the company saw a 5 per cent fall in full-year net profits as its second quarter loss dragged on its annual results.
Net profits for the fourth quarter rose to $560.8m on a 27 per cent rise in revenues to $11.9bn. For the full year, the company said earnings fell to $972.2m on a 7 per cent rise in revenues to $41.4bn.
For the full year, pre-tax profits at Wilmar’s oilseed division, which was hit by losses from volatile soyabean trading in the second quarter, plunged to almost a third from a year before to $251m.
Tropical oils reported a 40 per cent increase in annual pre-tax profits to $689m while sugar’s 12-month pre-tax profits jumped 88 per cent.to $159m.