Global Palm Resources swings into 1Q loss

SINGAPORE (May 11): Palm oil producer Global Palm Resources Holdings reported 1Q16 loss of Rp2.5 billion ($257 million) compared to earnings of Rp12.1 billion in 1Q15.

Group revenue for 1Q16 decreased by 3% to Rp86.1 billion due to lower average selling prices for crude palm oil (CPO) and palm kernel (PK).

Relatively, the group’s gross profit decreased from Rp25.4 billion in 1Q15 to Rp10.8 billion in 1Q16. Gross profit margin decreased 16.1 % points to 12.5%, from 28.6% as compared to a year ago.

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