By Loh Kim Chin,

Channel NewsAsia

SINGAPORE : Agribusiness group Wilmar International said its third quarter earnings nearly tripled on year, rising 175 percent to US$195 million.

It said the strong performance was due to the completion of the merger with the Kuok Group.

There was also a boost from higher prices of crude palm oil, as well as strong demand for edible oils and grains products. This resulted in record revenues of US$5 billion, nearly three times that of last year.

For the nine months to September, Wilmar earned US$346 million, double the level of last year.

Wilmar said it is now better positioned to leverage on the growth of the palm oil industry and processed agricultural commodities in key consuming countries. – CNA

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