Golden Agri-Resources has recorded a 41% year-on-year increase in net profit to US$99 million ($127 million) for the third quarter ending Sept 30 (3Q2010).

Revenue rose 43% to $965 million from $673 million in the same period.

Golden Agri-Resources says it achieved strong recovery in its palm products output for 3Q 2010 by 21% to 608,000 tonnes from 503,000 tonnes in the previous quarter, resulting in year-to- date performance of 1.56 million tonnes.

Chief Executive Officer Franky Widjaja says: “We are pleased with GAR’s outstanding performance this year. We will continue to deliver our best to keep the Company on track in delivering long- term value to its shareholders. The robust fundamentals of the palm oil industry are reflected in the CPO price performance. Since early 2010, the market price of CPO has maintained a strong uptrend. We believe that the strong demand of edible oils and their tightness in global supply will remain. Thus, it will provide support to the resilience of the palm oil industry in the future.”

Golden Agri-Resources says demand for palm oil, which is predominantly used for food purposes, is expected to be well-supported into the medium to long term by the growing consumption of edible oils and fats particularly by the growing middle class in highly-populated developing countries such as China, India and Pakistan.