Singapore

PALM oil plantation group Golden Agri-Resources' (GAR's) fourth-quarter losses quadrupled to US$88.4 million from US$21.9 million a year ago due to a double whammy of higher fair-value loss and substantially lower foreign-exchange gain.

The group on Monday recorded a net loss from changes in fair value on biological assets of US$197.7 million, up 47.8 per cent. This resulted mainly resulting from the effect of a lower CPO price assumption used in line with the international CPO price movements.