IndoAgri Q3 profit plunges 91.3% to 8.74b rupiah on weak commodity prices

MAINBOARD-LISTED Indofood Agri Resources (IndoAgri) reported a 91.3 per cent dive in its third fiscal quarter earnings to 8.74 billion rupiah (S$793,264), with the agribusiness attributing the fall to poor performance in sales and profit in its plantation division arising from weak commodity prices and increase in crude palm oil (CPO) stock.

The decline was partially offset by a stronger Q3 showing at its Edible Oils and Fats (EOF) division.

Revenue was mostly flat, inching up 0.6 per cent to 3.71 trillion rupiah from the 3.68 trillion rupiah in the year-ago period.