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Golden Agri-Resources (GAR) reported losses for the third quarter, following another quarter of losses. Revenue for the firm however, was up 3.20%.
The palm oil producer posted a net loss of US$53.92 million for the third quarter on a year-on-year basis. Year-to-date, losses reached a total of US$81.09 million.
Loss per share for the quarter was at US$0.42. The firm posted a 3.2% year-on-year increase in revenue at US$1.84 billion, helped by strong palm product output recovery.
However, weaker palm oil prices continued to affect the group’s year-to-date performance, the group said. It claimed its financial position as of September 30 remains healthy, amid the challenging business environment.
The group’s consolidated assets are at US$8.11 billion and its adjusted net gearing ratio stands at 0.49 times.
Mr Franky O Widjaja, GAR Chairman and chief executive said the group is confident that the long-term demand for palm oil remains robust as it is the most efficient and widely used form of vegetable oil.
With efforts done to drive the business’ presence, GAR is well-positioned to ride the growing demand in the ASEAN markets and globally, he claimed.
GAR shares were unchanged at S$0.25 at 11.30am, Singapore time.
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