IndoAgri Q4 loss narrows to 11.35b rupiah on crude palm oil price recovery

INDOFOOD Agri Resources (IndoAgri) saw its net loss narrow to 11.35 billion rupiah (S$1.1 million) for its fourth quarter ended Dec 31, 2019, compared with a loss of 211.7 billion rupiah a year ago.

The improved performance was mainly due to higher profit contribution from its plantation division attributed to a strong recovery in crude palm oil prices.

There were also gains from changes in the fair values of the agribusiness' biological assets, it said in a regulatory filing on Friday.

Loss per share (LPS) stood at 8.1 rupiah for the quarter, compared with a LPS of 151.7 rupiah a year ago.

Revenue for Q4 fell 6.4 per cent to 3.56 trillion rupiah, from 3.8 trillion rupiah a year ago due to lower sales from the edible oils and fats division, despite a strong recovery in crude palm oil prices in the quarter.

No dividend was declared for the full year, versus a dividend of 0.25 Singapore cent a year ago.

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For the full year ended Dec 31, net loss widened to 411.35 billion rupiah, while revenue was down 2.9 per cent to 13.65 trillion rupiah.

IndoAgri shares were trading flat at S$0.31 as at 9.39am on Friday, after the results were announced.