Golden Agri-Resources Q1 net profit down 68%

Singapore

MAINBOARD-LISTED agri-business Golden Agri-Resources on Tuesday posted a 68 per cent fall in net profit to US$11.9 million for its first quarter ended March 31, 2018, down from US$37.6 million a year ago.

In a filing made to Singapore Exchange (SGX) before market open, Golden Agri-Resources reported that revenue fell by 11.3 per cent to US$1.82 billion for its first quarter, compared to US$2.04 billion in its previous year. This was due mainly to decreases in both palm production and CPO (crude palm oil) prices.