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Wilmar International profit misses consensus by 39.2% in Q1

Wilmar International Ltd. said its first-quarter normalized net income amounted to 3 cents per share, compared with the S&P Capital IQ consensus estimate of 5 cents per share.

EPS climbed 31.0% year over year from 2 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $184.9 million, a gain of 30.9% from $141.3 million in the year-earlier period.

The normalized profit margin rose to 1.9% from 1.4% in the year-earlier period.

Total revenue declined 8.3% on an annual basis to $9.41 billion from $10.27 billion, and total operating expenses fell 8.7% on an annual basis to $9.12 billion from $9.99 billion.

Reported net income rose 51.9% on an annual basis to $243.0 million, or 4 cents per share, from $160.0 million, or 3 cents per share.