(Reuters) -Singapore-listed agribusiness Wilmar International Ltd reported a 24.1% drop in its first-quarter net profit on Friday, reflecting a dilution of interest in jointly-owned Adani Wilmar Ltd.
The company, one of the world’s largest food producers, said core net profit was $381.9 million for the quarter ended March 31, compared with $503.4 million last year.
Adani Wilmar is a joint venture between Adani Group, chaired by Indian billionaire Gautam Adani, and Wilmar International.
Excluding the dilution, Wilmar said its quarterly core net profit surged 16.5% as it recorded stronger sales volume across its food products and feed industrial product segments.
“Higher volume of sales was achieved across all businesses,” Wilmar said.
The company added profits from its plantation segment was ‘reasonable’ despite palm oil prices falling from its peak amid an uncertain macro-economic outlook.
Wilmar earned $13.7 million from its feed and industrial products business, a 15.2% jump compared to the first quarter last year.
(Reporting by Rishav Chatterjee and Navya Mittal in Bengaluru; Editing by Varun H K)
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