KUALA LUMPUR (Feb 22): Shares of PPB GROUP BHD [] were the top loser on Wednesday after its 18.3% associate Wilmar International Ltd -- the world's largest listed palm oil firm -- reported fourth-quarter profit that missed analysts’ estimates.
At 11.40am, PPB fell 48 sen to RM17.16 with 734,900 shares done.
The FBM KLCI fell 2.17 points to 1,561.61. Turnover was 929.50 million shares valued at RM558.82 million. There were 267 gainers, 412 losers and 289 stocks unchanged.
Bloomberg reported that Wilmar posted net income of US$500 million in the three months ended Dec. 31, compared with the US$519.8 million average estimate of six analysts surveyed by Bloomberg.
Margins in palm and lauric products contracted partly on “unfavourable market conditions” in China, while returns from processing oilseeds and grains in the country continued to be “challenged.”
News reports said investors were concerned about margins at its consumer business. Its expanded sugar operations made up for weakness at its core palm oil business.
At 11.40am, PPB fell 48 sen to RM17.16 with 734,900 shares done.
The FBM KLCI fell 2.17 points to 1,561.61. Turnover was 929.50 million shares valued at RM558.82 million. There were 267 gainers, 412 losers and 289 stocks unchanged.
Bloomberg reported that Wilmar posted net income of US$500 million in the three months ended Dec. 31, compared with the US$519.8 million average estimate of six analysts surveyed by Bloomberg.
Margins in palm and lauric products contracted partly on “unfavourable market conditions” in China, while returns from processing oilseeds and grains in the country continued to be “challenged.”
News reports said investors were concerned about margins at its consumer business. Its expanded sugar operations made up for weakness at its core palm oil business.
