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Global Palm Resources issues profit warning
INDONESIAN palm oil producer Global Palm Resources has flagged that its earnings for the 2015 financial year will be "substantially lower" than 2014, based on a preliminary review of unaudited financial statements.
"The lower net profit after tax is primarily attributable to the decrease in the sales revenue and the average selling price of crude palm oil and palm kernel," the Singapore-listed firm said in a Singapore Exchange filing on Wednesday.
The group will be providing more details in its financial results to be released on or before Feb 27, it added.