SINGAPORE (Nov 14): Analysts are maintaining their downbeat forecast on Golden Agri-Resources following its 3Q18 results announcement last night, which largely came in below expectations.

Golden Agri reversed into the red in 3Q18 and 9M18 with losses of US$53.9 million ($74.6 million) and US$81.1 million, respectively, due to weaker palm oil prices.

Revenue for the quarter saw a 3.2% y-o-y increase to US$1.8 billion while cost of sales increased by 4.7% to US$1.6 billion.

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