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IndoAgri's 1Q earnings plunge to $4.8 mil on commodity price declines

Michelle Zhu
Michelle Zhu4/30/2018 07:47 AM GMT+08  • 3 min read
IndoAgri's 1Q earnings plunge to $4.8 mil on commodity price declines
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 pr
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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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