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.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook