Global Palm Resources warns of 'substantially lower' profit for Q3

GLOBAL Palm Resources Holdings issued a profit warning on Tuesday, saying that it expects to report a net profit after tax for the quarter ended Sept 30 that is "substantially lower" than the year-ago period.

The lower net profit after tax is primarily attributable to the decrease in the sales revenue of crude palm oil and palm kernel.

The group is still in the process of finalising its unaudited financial results for the third quarter. Further details of its financial performance will be disclosed in its earnings announcement, which is expected to be released on or before Nov 13.