IndoAgri earnings continue to slide

INDOFOOD Agri Resources' earnings dived 52 per cent in the third quarter due to the twin pressures of lower selling prices and higher production cost, making it four quarters in a row of lower earnings.

Net profit for the July-September quarter slid to 122.9 billion rupiah (S$13.7 million), representing earnings per share of 86 rupiah, compared with 179 rupiah last year.

The firm's top line fell 13 per cent to 3.08 trillion rupiah.

Sales performance had been "adversely affected" by both weaker selling prices of palm products and rubber and poorer sales numbers in its edible oils and fats division, due to lower sales volume and a 10 per cent price reduction…