Palm oil producer Golden Agri-Resources has reported earnings of US$115 million for 3QFY21 ended Sept 30, up 580% y-o-y from a loss of US$5 million.
Revenue in the same period was up 76% y-o-y to US$2.8 billion, as both volume and selling price gained.
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The company notes that the on-going La Nina weather pattern will impact supply.
Yet, demand has not been “significantly affected” despite the high prices.
“Notwithstanding the more conducive market environment, we remain cautious of any uncertainties from the lingering global Covid-19 pandemic,” the company states.
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“Looking forward, industry prospects continue to be positive given palm oil’s important role in supplying the growing global vegetable oil demand.”
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Golden Agri-Resources closed Nov 11 at 27 cents, down 1.85% for the day and up 65.63% year to date.
