SINGAPORE - Golden Agri-Resources has posted an 85.6 per cent plunge in third quarter net profit to US$4.4 million (S$5.5 million).
This was despite revenue for the three months to Sept 30 rising by 17.4 per cent to US$1.84 billion.
Quarterly results were slightly lower year-on-year on the back of weaker average crude palm oil (CPO) prices.
Third quarter saw Ebitda of US$110 million, down from US$115 million last year.
The palm and lauric business contributed Ebitda of US$47 million year to date was 51 per cent lower than last year, while for the third quarter, it reached US$7 million, a recovery from the same period last year.
The drop in market prices during third quarter weakened the performance of this business unit.
Earnings per share shrank to 0.03 US cent from 0.24 US cent previously while net asset value per share inched up to 69 US cents compared to 68 US cents as at Dec 31.
Golden Agri's financial position stays healthy.
As at Sept 30, its adjusted gearing ratio remained prudent at 0.17 time, with total assets of US$14.5 billion.
Although CPO market prices remain moderated, the board continues to be confident about the company's performance and industry outlook.
Therefore, it has approved the distribution of an interim dividend of 0.408 Singapore cents per share.
This is some 30 per cent of Golden Agri's underlying profit for nine-month period 2014.