Golden Agri-Resources E5H has reported earnings of US$92 million for its 1QFY2023, down 51% y-o-y.
Revenue in the same period was down 6% to $2.53 billion for the same three months to March 31.
The company attributes the drop to prices that have "normalised" by around 37% to US$990 per tonne, following a record FY2022 which fetched US$1,579 per tonne.
The company says that global vegetable oil supply and demand dynamics remain tight. While production might be hampered by uncertain weather conditions and ageing trees, global demand remains "robust", thanks to higher demand from food, industrial, and bio-energy products.
"We remain cautious about the dynamic market developments including the uncertain global economic situation," the company says.
Golden Agri-Resources shares closed at 27 cents on May 12, up 1.89%.
