Golden-Agri's Q3 earnings down 64.8%

GOLDEN Agri-Resources (GAR) suffered a significant hit to its third-quarter earnings, as its revenue dipped and gross margin fell.

The palm oil plantation company reported a 64.8 per cent plunge in its net profit attributable to shareholders for the three months ended Sept 30, 2013. Its bottomline came in at US$30.2 million compared to US$85.9 million the year before.

Revenue dropped 6.1 per cent year-on-year to US$1.6 billion while gross profit fell 30.3 per cent to US$277.5 million.