Global Palm Resources warns that Q3 profit will be 'substantially lower'

SINGAPORE - Mainboard-listed Global Palm Resources Holding has issued a warning on its upcoming third quarter earnings in a filing with the Singapore Exchange on Tuesday (Oct 27).

It said that following a preliminary review of the unaudited financial statements for the quarter ended Sept 30, the group is expected to report a net profit after tax which will be substantially lower than that of the year-ago period.

The company blamed this mainly on the decrease in the sales revenue of crude palm oil and palm kernel.

The group is still in the process of finalising its unaudited financial results for the quarter.

It expectes to disclose more details of its performance in its unaudited financial statements announcement for the quarter, which is expected to be released on or before Nov 13.