by winston » Thu Jul 21, 2016 5:56 am
not vested
PPB Group advises caution after Wilmar warning
BY JOSEPH CHIN
Wilmar's profit warning will have an impact on PPB Group
KUALA LUMPUR: PPB Group Bhd expects Wilmar International Ltd's weaker financial performance to adversely impact its financial results and advised shareholders and investors to be cautious.
The plantations,flour milling and property company said on Wednesday while its share of its 18.55%-associate Wilmar results has yet to be determined, “it is expected that this would have an adverse impact on the financial results of the PPB Group for Q2, 2016”.
“Details of the PPB Group’s financial performance for Q2, 2016 and H1, 2016 will be disclosed when PPB announces its consolidated financial results for the respective periods,” it said.
“Shareholders and investors are advised to exercise caution when dealing in the shares of the company,” it said.
Wilmar announced on Tuesday to the Singapore Exchange that it is expected to report net losses of approximately US$230mi for Q2, 2016 as a result of challenging operating conditions in 2Q2016, which were flagged in the prospects statement in the company's results announcement for Q1 ended March 31, 2016.
Wilmar also said for the H1, 2016, the group was still expected to be profitable, although profit is expected to be significantly lower than the corresponding six months period ended 30 June 2015.
The Q2, 2016 losses were largely attributed to the manufacturing sub-segment within oilseeds and grains and partially to the sugar segment, whilst the tropical oils segment and consumer products subsegment continued to perform satisfactorily.
“The long term prospects of the group are stronger as it continues to execute on its stated growth strategy, demonstrated by recent developments in ventures in Vietnam and India.
Barring unforeseen circumstances, operating environment for the group for the rest of the year is expected to normalise,” Wilmar said.
Source: The Star
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