Golden Agri shares hit five-year low on quarterly results

Shares of mainboard-listed Golden Agri-Resources shares tumbled nearly 10 per cent on Thursday morning after the the world's second-largest oil palm plantation firm reported its worst quarterly earnings in 11 years on Wednesday, hurt by weak palm oil prices and a "challenging" oilseeds business in China.

The stock hit an intra-day low of 46 cents, a level unseen since December 2009, and could be headed for its biggest single-day fall since May 2009.

The stock was trading down 4 cents, or 7.8 per cent, at 47 cents at around 10:40am.

Golden Agri's net profit for the third quarter of this year, reported after the Singapore stock market closed on Wednesday, fell 86 per cent to US$4.4 million even though revenue rose 17 per cent to US$1.8 billion.

OCBC, Bank of America Merrill Lynch have downgrade the stock and cut project targets, Reuters reported.