Golden Agri-Resources (E5H.SG) remains weak despite plantation group reporting on-year improvement in 2Q10 earnings during midday break, according to Dow Jones. Shares off 3.3% at $0.58 in active trade.

Net profit +19.9% at US$66.0 million ($89.4 million) on higher CPO prices, sales volume, FX gain, although 25.4% lower on-quarter due to increased operating costs arising from higher selling, wage costs. Cost pressure may remain for rest of FY10 as company in midst of acquiring China-based noodles operations of Asia Food & Properties (A26.SG) for US$142.8 million.

On brighter note, any concerns over Greenpeace’s recent allegations of company engaging in environmentally harmful planting practices should ease with Golden Agri releasing findings of independent study clearing it of any wrongdoing. Support eyed at 30-day moving average, last at $0.56.