Golden Agri reports 55% higher 1Q earnings of S$25 mil on gain of disposal

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SINGAPORE (May 14): Golden Agri-Resources (GAR) recorded 1QFY19 earnings of US$18 million (S$24.7 million), 55% higher than last year, mainly contributed from the gain on disposal of a subsidiary in Indonesia for US$11.5 million.

Excluding exceptional items and other non-operating item, net effect of net gain or loss from changes in fair value of biological assets and depreciation of bearer plants, underlying profit for 1QFY19 came in 53% lower at S$12 million.

Revenue saw a 11% decline to US$1.62 billion due to depressed palm oil market prices, which continued to be the main factor affecting its performance this year, especially from the plantations and palm oil segment.

However, its integrated business model has helped GAR to...(click on link for full story on theedgesingapore.com)