Golden Agri Q3 net profits jump 48.6% to $227m

12 November 2008 07:23  [Source: ICIS news]

SINGAPORE (ICIS news)--Indonesia’s Golden Agri-Resources (GAR) has marked a 48.6% year-on-year rise in its third quarter net profits to $227.1m (€181.68m) due to increased crude palm oil production volume, the company said in a statement on Wednesday.


Revenue for the three months to 30 September soared 55.7% on year to $830.85m.


But the third quarter performance is tamer compared to the previous quarters’ when CPO prices were still scaling highs.


At 2:30pm local time (0630 GMT), CPO futures traded on the Bursa Malaysia was at Malaysian ringgit (M$) 1,520/tonne, the lowest levels seen in more than two years.


The medium to long-term fundamentals of the palm industry remains intact despite the global financial crisis and economic slowdown, said Franky Widjaja, chief executive officer of GAR.


Demand and price levels should be supported by the edible oil, oleochemical markets and the renewable energy sector, Widjaja said.


“Our commitment to consistently improve on our production efficiency is also paying off, as our palm product production reached a record of 1.6m tonnes for the first nine months,” Widjaja added.


“We are well-placed to leverage our competitive strengths to ride out the market volatility,” he added.


($1 = €0.80/ $1 = M$3.59)


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By: Bohan Loh
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