- POSTED: 08 Aug 2014 19:41
- UPDATED: 08 Aug 2014 22:21
Wilmar International says it supports the Transboundary Haze Pollution Bill that has just been passed by Parliament earlier this week.
SINGAPORE: Wilmar International said that it supports the Transboundary Haze Pollution Bill that has just been passed by Parliament earlier this week.
Last December, the commodities firm implemented a "No Deforestation, No Peat, No Exploitation" policy. Wilmar said it has been communicating with suppliers and smallholders to increase traceability of its palm oil.
Speaking on the sidelines of its second quarter results briefing, Wilmar Group CEO, Kuok Khoon Hong, said it was good that government policies were now in place to help palm oil suppliers comply with Wilmar's no-deforestation policy.
For the second quarter, Wilmar posted a 22 per cent decline in net profit to US$170 million (S$213 million). Looking ahead, Mr Kuok said he expected margins to improve in the coming months. He cited higher seasonal demand and less excessive imports of beans into China as some reasons for the optimism.
According to Mr Kuok, more than half of China's palm oil imports are estimated to be for financing purposes. These imports are expected to be affected in the short term as China cracks down on the commodity financing trade to curb speculative imports.