Mainboard-listed Indofood Agri Resources (IndoAgri) reported a 91.3 per cent dive in its third-quarter earnings to 8.74 billion rupiah (S$793,260), with the agribusiness attributing the fall to poor performance in sales and profit in its plantation division arising from weak commodity prices and increase in crude palm oil (CPO) stock. The decline was partially offset by a stronger showing at its edible oils and fats (EOF) division.
Revenue was mostly flat, inching up 0.6 per cent to 3.71 trillion rupiah from 3.68 trillion rupiah in the year-ago period.
IndoAgri's plantation division's sales declined 11 per cent due to lower average selling prices of agriculture crops, and lower sales volume of CPO and palm kernel-related products arising from timing in shipment.
Its EOF division, meanwhile, reported a 24 per cent increase in sales over the third quarter last year from higher sales volume of edible oil products.
Earnings per share tumbled to 6.3 rupiah from 72 rupiah for the the previous corresponding period. No dividend was reported for the period.
Cromwell European Reit (Cromwell E-Reit) is acquiring 23 properties across the Netherlands, Finland, Poland, Italy and France for around €384.4 million (S$604.9 million), and will seek to raise €224.1 million in an underwritten and renounceable rights issue to partially fund the purchases.
The manager of the real estate investment trust (Reit) will seek unit holder approval to partially fund the acquisitions via a €224.1 million, 38-for-100 underwritten and renounceable rights issue. The manager will seek to issue 600.83 million new units at an issue price of €0.373 per unit. The issue price is a 31.6 per cent discount to the closing price of €0.545 per unit on Oct 30 - the last trading day of the units prior to the announcement of the proposed rights issue - and a discount of around 25 per cent to the theoretical ex-rights price of €0.498 per unit.
Substantial unit holders Gordon Tang, his wife Celine and Hillsboro Capital will sub-underwrite 245.42 million rights units, while the Reit's sponsor Cromwell Property Group will subscribe to 35.31 per cent of the rights issue, its full entitlement.
The rights issue is underwritten by UBS, DBS Bank, Morgan Stanley and Daiwa.
The European properties are collectively valued at €390.1 million based on independent valuations.