Golden Agri profit slashed 63%

Golden Agri Resources Ltd, a company controlled by Eka Tjipta Widjaja family, reported net profit of US$134 million in nine months of 2009, slashed 63% from the same period last year on squeezed margin.

Golden Agri informed SGX this morning that its revenue declined 31% to US$1.65 billion, while gross profit dropped 55% to US$350 million and EBITDA slashed 51% to US$272 million.

But the company reported quarterly improvements. Its Q3 sales revenue increased 19% to US$673 million from the previous quarter, while both gross profit and EBITDA surged 20% to US$156 million and US$124 million respectively.

Golden Agri reported lower gross profit and EBITDA margins in Indonesia operations due to the fall of CPO prices from US$1018 per ton (FOB Belawan) in Jan-Sep 2008 to US$615 per ton in the same period this year.

Golden Agri has planted area of 319,426 hectares (nucleus) and 86,621 hectares of plasma plantation to make a total 406,047 hectares, of which about 334,033 hectares are classified as mature area.

Golden Agri produced 1.38 million tons of CPO and 311,016 tons of PKO in Jan-Sep 2009, increased 8% respectively from the same period last year.

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