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Shares of Singapore-listed palm oil firm Indofood Agri Resources <IFAR.SI> fell as much as 4.5% in early trade on Friday after it reported an 18% fall in third-quarter net profit.
At 0226 GMT, Indo Agri shares were down 3.8% at $2.55 on a volume of 1.8 million shares.
At 0226 GMT, Indo Agri shares were down 3.8% at $2.55 on a volume of 1.8 million shares.
“The palm oil stocks have been doing well but Indo Agri’s translated earnings are unfortunately lower because the dollar fell,” said a local tader.
Indo Agri said its third-quarter net profit fell 18% year-on-year on the strengthening of the Indonesian rupiah and a smaller increase in the fair value of its biological assets.
