Indofood Agri Q4 net profit down 22.5% to 174.6b rupiah

PALM oil company Indofood Agri Resources reported a net profit of 174.6 billion rupiah (S$18.2 million), down 22.5 per cent from 225.4 billion rupiah a year ago.

Revenue fell 10 per cent to 3.78 trillion rupiah, from 4.2 trillion rupiah a year ago.

This was due to lower sales from both its plantations and edible oils and fats divisions.

The company also recorded a 19.9 billion rupiah loss arising from changes in fair value of biological assets compared to a 59.6 billion gain a year ago.

For the full year, net profit was down 92.4 per cent to 57.9 billion rupiah while revenue was down 7.5 per cent to 13.8 trillion rupiah.

A first and final dividend was declared but details will be announced in March. Last year, the dividend was S$0.0052 a share.

The company last traded at S$0.435 a share.