Golden Agri swings back to profitability with 1Q earnings of US$94 mil

SINGAPORE (May 13): Golden Agri-Resources brushed aside softer average crude palm oil prices and lower output from El Nino-hit plantations to post 1Q16 earnings of US$94 million ($128.9 million), reversing from losses of US$3 million in 1Q15.

“The palm and lauric business continued its improvement since last year as the integration of downstream assets progresses,” Golden Agri said as trading closed on Friday.

Not including US$52 million worth of foreign exchange gains (net of non-controlling interests) and a US$2 million gain from changes in fair value of biological assets (net of tax and non-controlling interests), Golden Agri’s 1Q16 core net profit was 77% higher at US$40 million.

---

Related Stories

• RHB raises CPO price assumptions, upgrades Bumitama to ‘buy’
• RHB maintains 'neutral' on plantation sector, updates ESG scores
• RHB downgrades Golden-Agri to 'neutral', lowers TP to 29 cents

---