Golden Agri's net profit plunges 58% as average palm oil prices fall by quarter

WEAKER palm oil prices sent earnings at Golden Agri-Resources down for the second consecutive quarter.

Net profit for the three months to June 30 plunged 58.1 per cent to US$45 million (S$57.2 million) from a year earlier.

Golden Agri said the lower second-quarter earnings were mainly due to a 25 per cent decline in average crude palm oil market prices.

Revenue was in better health, up 25.4 per cent to US$1.68 billion, thanks to higher sales of soya bean products in China and improved sales of palm oil in Indonesia.

Earnings per share fell to 0.35 US cent for the quarter, from 0.89 US cent a year ago, while net asset value per share was 67 US cents, up from 66 US cents as of Dec 31 last year.