Golden Agri-Resources Q2 results hurt by low plantation output

Golden Agri-Resources

12/08/2016 01:24

SINGAPORE, Aug 12 (Reuters) - Singapore-listed palm oil 
company Golden Agri-Resources Ltd  GAGR.SI  posted a surge in 
quarterly net profit, thanks to deferred tax income, while its 
operating performance was hit by reduced output following a 
severe drought. 
    The company's net profit for the second quarter rose to $40 
million, compared with $10 million a year ago. The latest 
results included a net tax impact of $104 million from a 
revaluation of its plantation assets in Indonesia. 
    The company's earnings before interest, taxes, depreciation 
and amortization fell 41 percent to $86 million. Palm product 
output in the second quarter fell 37 percent to 455,000 tonnes.  
    "We expect better results due to larger harvest volumes in 
the second half of the year," Franky Widjaja, the company's 
chairman and chief executive officer, said in a statement. 
    "Positive developments include restocking activities in 
large consuming countries, potential La Niña conditions, and 
further implementation of Indonesia's biodiesel mandate," he 
said. 
 
 (Reporting by Aradhana Aravindan; Editing by Richard Pullin) 
 ((aradhana.aravindan@thomsonreuters.com; +65 6403 5659; Reuters 
Messaging: aradhana.aravindan.thomsonreuters.com@reuters.net)) 
 
Keywords: GOLDEN AGRI RESULTS/