Golden Agri FY18 swings into net loss of US$2 mil on falling CPO prices

SINGAPORE (Feb 27): Golden Agri-Resources, the Indonesia based palm oil plantation with integrated operations for the production of edible oil and fat, swung back into profitability in 4Q18 with earnings of US$79.3 million from a loss of US$29.1 million a year ago.

However, Golden Agri still recorded a net loss of US$2 million for FY18 primarily because of foreign exchange loss, loss from changes in fair value of biological assets and deferred tax expense. In FY17, Golden Agri reported earnings of US$74 million.

In FY18, Golden Agri recorded revenue of US$7.2 billion in FY18, a slight decrease compared to the previous year as affected by weaker palm oil prices.

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