(Reuters) -Singapore-listed food conglomerate Wilmar International reported a 4% rise in first-quarter profit on Tuesday, and flagged increased market volatility from U.S. tariffs for the rest of the year.
Wilmar said its core net profit for the three months ended March 31 was $343 million, up from $328.4 million reported last year.
The company, one of the world’s largest food producers, posted a higher core net profit on better performance from both its food products and plantation and sugar milling segments.
“The outlook for the rest of the year is expected to remain uncertain with increased volatility arising from the introduction of tariffs by the United States,” Wilmar said in a statement.
Singapore faces a 10% levy from the U.S. despite a bilateral free trade agreement, compared to much steeper tariffs imposed on its neighbours, and has warned of uncertainty in its trade-reliant economy and the possibility of recession and job losses.
Wilmar’s first-quarter profit was also boosted by higher earnings from its investments in China, India and Southeast Asia, it said.
While operating conditions in the tropical oil business remained challenging, crushing margins improved during the quarter, Wilmar added.
Weaker contributions from the feed and industrial products segment offset some of the higher profit, the company added.
(Reporting by Sherin Sunny and Manasi Dasa in Bengaluru; Editing by Eileen Soreng)
