While revenue for 1H20 improved 7.1% y-o-y to US$3.39 billion due to higher crude palm oil (CPO) prices, the group’s operating performance was also affected by higher costs particularly the newly imposed CPO export tax and levy in Indonesia and foreign exchange loss.
For the 1H20 ended June, Golden-Agri Resources (GAR) reported further net losses of US$157.0 million ($215.3 million), 238.2% down from the losses of US$46.4 million in 1H19.
Underlying loss for the period – which excludes net effect of net gain or loss from changes in fair value of biological assets and depreciation of bearer plants, exceptional item and other non-operating items – improved 25.8% to US$11.4 million from the loss of US$15.3 million a year ago.
