This resulted in strong crush margins and volume during the period, said the group. In addition, higher sugar merchandising activities in H1 2020 further improved the performance of the segment, but it was partially dragged down by lower performance of the tropical oils business.
Wilmar’s plantation and sugar milling segment continued to be in the red, but losses before tax was lower at US$82.9 million for the half-year, compared with the US$103.5 million previously. This was propped up by better performance from the palm oil plantation businesses, on the back of stronger palm oil prices compared to H1 2019.
“Further, China, the country where the group has the largest operations, has recovered from this pandemic earlier than most countries.”
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