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Indofood Agri Resources sinks into the red in Q2
INDOFOOD Agri Resources posted a second-quarter net loss of 68.6 billion rupiah (S$6.4 million), versus a net profit of 99.28 billion rupiah a year ago, weighed down by a decline in revenue and foreign exchange losses.
Revenue for the three months ended June 30 fell 18 per cent to 3.36 trillion rupiah on lower sales from its plantation and edible oils & fats divisions.
Loss per share for the quarter came to 49.1 rupiah, compared to earnings per share of 71 rupiah previously.
Indofood Agri said: "The recent trade war has led to some uncertainty on agricultural commodity prices. Our operations continue to be supported by a positive domestic economic outlook and large domestic palm consumption. Domestic palm demand is expected to be further supported by the Indonesian government's intention to accelerate the implementation of B30 biodiesel programme in 2019.
"The group will continue to strengthen the fundamentals and improve margins through better-yielding crops, cost efficiencies and other innovations to improve productivity."