Agribusiness group Wilmar International reported a 26.2 percent drop in net profit to $391.4 million in the first quarter ended March 31, 2023, down from $530.3 million in the same period a year earlier.
Revenues in the first quarter fell 3.8 percent to $16.9 billion from $17.6 billion in the same quarter last year.
This was partially offset by higher sales volume in the food, animal feed, and industrial products segments, Wilmar said in a stock market filing on Friday, the Business Times reported.
The profit share from joint ventures and associates is higher in the first quarter, especially from India and Europe.
The group reported non-operating gains on its investment securities and a lower effective tax rate.
Wilmar announced that the group’s results were satisfactory, despite the uncertain macroeconomic outlook at the beginning of the year.
Shares of Wilmar International were down $0.04, or 1 percent, at $3.93 in premarket trading on Friday.
McDonald’s exceeded sales forecasts
Fast food sales in McDonald’s restaurants justified the forecasted peak in the first quarter of 2023, and solid results in the American and international markets contributed to this.
The Financial Times reported that comparable sales, a closely watched industry metric, rose 12.6 percent from a year ago, beating the previous market forecast for an 8.5 percent increase.
The fast food group said its US business benefited from “strategic menu price increases” and increased customer visits, while international growth was “strong” in most of its markets.