Indofood Agri Q3 profit drops 37% on fertilisers and forex shifts

Singapore

EARNINGS for Indofood Agri Resources - which refines crude palm oil and cultivates sugar cane crops - fell 37 per cent in the third quarter despite higher revenue, dragged down by higher fertiliser application, higher operating expenses and foreign currency fluctuations.

The group's net profit for the three months ended Sept 30 stood at 100.5 billion rupiah (S$10 million), compared to 159.2 billion rupiah in the year-ago quarter. This translated to earnings of 72 rupiah for each share, down from 114 rupiah a year ago.