SINGAPORE (Nov 13): Golden Agri-Resources reversed into the red in 3Q18 and 9M18 ended Sept with losses of US$53.9 million ($74.6 million) and US$81.1 million respectively on weaker palm oil prices.

Revenue in 3Q18 rose 3.2% to US$1.8 billion but as cost of sales grew 4.7% to US$1.6 billion, gross profit dipped 4.3% to US$277 million.

With total operating expenses increasing 4.5% to US$225.7 million, operating profit ended 30.2% lower at US$51.3 million which was further reduced by a foreign exchange losses which widened to US$28.7 million from US$7.4 million a year ago.

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