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Golden Agri swings deeper into the red with losses of US$157.0 mil for 1H20

Felicia Tan
Felicia Tan8/14/2020 09:52 AM GMT+08  • 3 min read
Golden Agri swings deeper into the red with losses of US$157.0 mil for 1H20
"Supply for the rest of the year is expected to remain tight even as we move into the high production season... We expect CPO price to maintain its healthy level, although there may always be periods of volatility," says chairman and CEO Franky Widjaja.
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For the 1H20 ended June, Golden-Agri Resources (GAR) reported further net losses of US$157.0 million ($215.3 million), 238.2% down from the losses of US$46.4 million in 1H19.

Underlying loss for the period – which excludes net effect of net gain or loss from changes in fair value of biological assets and depreciation of bearer plants, exceptional item and other non-operating items – improved 25.8% to US$11.4 million from the loss of US$15.3 million a year ago.

While revenue for 1H20 improved 7.1% y-o-y to US$3.39 billion due to higher crude palm oil (CPO) prices, the group’s operating performance was also affected by higher costs particularly the newly imposed CPO export tax and levy in Indonesia and foreign exchange loss.

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