SINGAPORE (May 14): Golden Agri-Resources (GAR) recorded a net loss of US$95 million (S$134.6 million), compared to last year’s earnings of US$18 million. The decline was mainly contributed from foreign exchange transaction loss.

Excluding net effect of net gain or loss from changes in fair value of biological assets, depreciation of bearer plants, exceptional items, foreign exchange gain or loss, and deferred tax expense or income, underlying profit came in at a loss of US$25 million.

Despite the disruption arising from the Covid-19 pandemic, GAR’s main food and biodiesel businesses have continued operating, as the palm sector is recognised as a strategic industry in Indonesia.

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