SINGAPORE (Mar 11): Wilmar International recorded a 12.7% drop in earnings to US$224.3 million (S$316.7 million) for the 1Q2020 ended March, from earnings of $257.0 million a year ago.

In a filing to Singapore Exchange (SGX) on Monday, the group says the lower net profit was mainly due to the mark-to-market losses on the group’s investment securities. Lower demand from the hotel/restaurant/catering (HORECA) businesses and food processing industries, which were negatively impacted due to the pandemic-caused lockdowns in Wilmar’s major markets, also contributed to the decline.

Revenue rose 4.6% y-o-y to US$10.92 billion this quarter from last year’s $10.44 billion, on increased household consumption following strict movement measures, which led to strong demand for the group’s consumer products.

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