Agribusiness Golden Agri-Resources posted a 68 per cent fall in net profit to US$11.9 million (S$16 million) for its first quarter, down from US$37.6 million a year earlier.
Revenue fell 11.3 per cent to US$1.82 billion for the three months to March 31, compared with US$2.04 billion in the previous year. This was due mainly to decreases in both palm production and crude palm oil prices, it reported yesterday.
Palm product output decreased year-on-year by 12 per cent. It fell 6 per cent compared with the previous quarter.
The lower year-on-year production was attributable to unusually high output last year in response to the recovery from the El Nino phenomenon in 2015, while the quarter-on-quarter decline was due to seasonality, said the company.
It added that several estates in the southern part of Kalimantan and Sumatra were still impacted by the prolonged drought.
Earnings per share stood at 0.09 US cent, down from last year's 0.29 US cent. No dividends were announced for the period.
AT A GLANCE
REVENUE: US$1.82 billion (-11.3%)
NET PROFIT: US$11.9 million (-68%)
Golden Agri-Resources was among the most active counters yesterday, with 28.7 million units changing hands.
The stock closed down one cent, or 2.78 per cent, to 35 cents.