GOLDEN Agri-Resources has sunk into the red with a net loss of US$95 million for its first quarter ended March 31, 2020, compared with a net profit of US$18 million a year ago. Read more at The Business Times.
GOLDEN Agri-Resources has sunk into the red with a net loss of US$95 million for its first quarter ended March 31, 2020, compared with a net profit of US$18 million a year ago.
This was mainly due to foreign exchange translation loss, the palm oil plantation owner said in a bourse filing on Thursday morning. Revenue rose 2 per cent to US$1.66 billion for the quarter, up from US$1.62 billion in the previous year, thanks to higher average selling prices. This was partially offset by lower sales volume, which was severely affected by temporary logistics issues following the lockdown during the Covid-19 pandemic, the company said.
In addition, higher costs, including the newly imposed crude palm oil export tax and levy, led to a 30 per cent fall in earnings before interest, taxes, depreciation, and amortisation to US$84 million, from US$121 million a year earlier. Golden Agri noted that the pandemic has created short-term disruptions, resulting in volatility in CPO prices. Nonetheless, the company said that its financial position continues to be"healthy", with sufficient lines of credit and reserves in place to draw from if needed.
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