SINGAPORE (Apr 30): Integrated agribusiness group Indofood Agri Resources (IndoAgri) reported earnings of Rp 49.8 billion ($4.8 million) for the 1Q18 ended Mar, down more than threefold from Rp 170.6 billion a year ago on lower sales volume and selling prices of palm products.
Revenue for the quarter fell 27.1% to Rp 3.2 trillion from Rp 4.4 trillion in 1Q17 after lower sales contribution from its plantation and edible oils & fats (EOF) divisions.
Revenue from the plantation division fell 34% due to to lower average selling prices (ASPs) and sales volume of crude palm oil (CPO), palm kernel and rubber. Revenue from EOF also fell 6% on-year due to lower edible oils selling prices arising from the lower CPO costs.
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