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Golden Agri's Q3 net profit slumps 86%, poorest quarter in 11 years

Huge foreign exchange loss adds to its other ills of uncertain palm-oil prices, thin margins and China's challenging oilseeds market

Anita Gabriel

Anita Gabriel

Published Wed, Nov 12, 2014 · 09:50 PM
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Singapore

FLUCTUATING palm-oil prices, thin margins across the board and a challenging oilseeds business in China led Golden Agri-Resources' net profit to plunge 86 per cent to US$4.36 million in the third quarter from US$30.22 million a year ago.

This would mark the world's second largest oil palm firm's weakest quarterly earnings in 11 years.

A higher foreign exchange loss of some US$29 million from US$6 million was also recorded for the period.

Revenue for the period ended September 2014 rose …

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