Wilmar shares plunge to 3-year low on poor Q2 earnings, outlook

SINGAPORE, Aug 15 (Reuters) - Shares of Wilmar International

fell 10 percent to more than a three-year low after

the world's largest listed palm oil firm reported quarterly

earnings that missed expectations and warned of a tough outlook.

By 0106 GMT, Wilmar was at S$3.04, its lowest level since

March 2009. Its shares have plunged about 38 percent so far this

year, making them the worst performer on Singapore's benchmark

Straits Times Index.

Wilmar said on Tuesday its second quarter net profit slumped

70 percent to $117.1 million from a year earlier. This was far

below the average forecast of S$328 million, based on a poll of

five analysts.

Chairman and CEO Kuok Khoon Hong said short-term prospects

were difficult even though Wilmar was well positioned to benefit

from growth in demand for agricultural commodities, especially

in Asia and emerging markets like Africa.

(Reporting by Charmian Kok)

Source: http://news.yahoo.com/wilmar-shares-plunge-3-low-poor-q2-earnings-011254006--finance.html

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