Golden Agri-Resources E5H reports earnings of US$182.3 million ($246.9 million) for the 1HFY2023 ended June 30, 53.2% lower than the earnings of US$389.7 million.
Revenue fell by 11.2% y-o-y to US$4.88 billion due to lower crude palm oil (CPO) prices even though the group saw higher sales volumes for the period.
Gross profit fell by 35.6% y-o-y to US$882.3 million while ebitda fell by 40.8% y-o-y to US$477.6 million.
Fresh fruit bunch (FFB) and palm product output for 1HFY2023 were lower at 4,432,000 tonnes and 1,329,000 tonnes respectively as compared to 4,765,000 tonnes and 1,453,000 tonnes, respectively in 1H2022. This was primarily due to the replanting and heavy rainfalls.
Share of profit in joint ventures fell by 70.5% y-o-y to US$12.5 million mainly due to lower operating performance in a joint venture in line with the declining market prices during the current period.
No dividend was reported for the period compared to the dividend of 0.8 cents in the same period the year before.
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As at June 30, cash and cash equivalents stood at US$399.3 million.
As at 9.11am, shares in Golden Agri-Resources are trading 0.5 cents lower or 2% down at 24.5 cents.
