Golden Agri-Resources (GAR) says it expects to record a loss from changes in the fair value of its financial assets of around US$230 million ($311.9 million) for the 4QFY2022 ending Dec 31. The loss stems from changes in the fair value of the group’s investments during the quarter.
However, the resulting fair value of the financial asset is still “well above” its investment cost, says GAR. The group still expects to remain profitable for the 4QFY2022 and FY2022.
GAR adds that its business model remains “intact and resilient” with a record net profit of US$675 million achieved for the 9MFY2022 ended Sept 30.
“The group has been able to leverage its integrated business model and successfully extract value throughout the value chain, including optimising the usage of its facilities, logistic capabilities, product portfolio and geographical presence,” says GAR.
The group will release its results for the FY2022 on or before March 1, 2023.
Shares in GAR closed flat at 25.5 cents on Dec 19.
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