IndoAgri posts 153.8b rupiah loss for Q3

AGRIBUSINESS group IndoAgri reported a net loss of 153.8 billion rupiah (S$15.84 million) for the third quarter ended Sept 30, 2015, on lower commodity prices, higher losses from Brazilian subsidiary CMAA and unrealised foreign-currency losses - a reversal from a net profit of 125 billion rupiah in the year-ago period.

Revenue for the quarter dropped 9.3 per cent to 3.3 trillion rupiah on lower revenue contribution from the edible oils & fats division, partially offset by higher external sales from the plantation division.

Excluding the net effect of foreign-currency losses, the group achieved core profit of 129 billion rupiah in the third quarter, a 49 per cent contraction from the year-ago period.