Golden Agri back in the black in Q4 with US$79.3m net profit

Singapore

PALM oil plantation owner Golden Agri-Resources (GAR) on Wednesday posted a net profit of US$79.3 million in the fourth quarter, reversing from a loss of US$29.1 million in the same period a year earlier as a stronger palm and laurics business offset lower crude palm oil prices.

A fair-value gain on financial assets following the adoption of IFRS 9 also lifted fourth-quarter net other operating income to US$115.8 million, reversing from a net loss of US$11.5 million in the fourth quarter of 2017.