GOLDEN AGRI POSTS PROFIT IN 3RD QUAR­TER

The Sun (Malaysia) - - SUNBIZ -

SIN­GA­PORE: Sin­ga­pore-listed palm oil com­pany Golden AgriRe­sources Ltd posted a profit in the third quar­ter, helped by higher crude palm oil prices and im­proved per­for­mance of its down­stream busi­ness. It re­ported a net profit of US$220 mil­lion (RM952.6 mil­lion), com­pared with a US$16 mil­lion loss a year ago. The lat­est quar­ter ben­e­fited from a net tax im­pact of US$111 mil­lion from a reval­u­a­tion of its plan­ta­tion as­sets in In­done­sia. The com­pany’s earn­ings be­fore in­ter­est, taxes, de­pre­ci­a­tion and amor­ti­sa­tion rose 29% to US$165 mil­lion. Palm prod­uct out­put in the third quar­ter fell 22% to 624,000 tonnes as the re­cov­ery in fruit pro­duc­tion was not sig­nif­i­cant yet in cer­tain re­gions im­pacted by the se­vere El Nino con­di­tions in 2015, it said. – Reuters

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