INDOFOOD Agri Resources has recorded a net loss of 211.70 billion rupiah (S$20.4 million) for the fourth quarter to Dec 31, sinking into the red from a net profit of 76.94 billion rupiah the year before. Read more at The Business Times.
INDOFOOD Agri Resources has recorded a net loss of 211.70 billion rupiah for the fourth quarter to Dec 31, sinking into the red from a net profit of 76.94 billion rupiah the year before.
Loss per share was at 151.7 rupiah per share, from earnings per share of 55.1 rupiah the year before.It is recommending a final dividend for the financial year, details of which will be announced before the end of March. Payment of the dividend will be subject to shareholders' approval at the forthcoming AGM to be convened at the end of April. Last year, the group’s final cash dividend was 0.7 Singapore cent per share.Revenue for the fourth quarter was down 6.5 per cent to 3.
Revenue was down 10.6 per cent to 14.06 trillion rupiah, from 15.73 trillion rupiah the year before. Similar to the fourth quarter, full-year results were affected by lower commodity prices and also the timing of shipments of crude palm oil , the group said. This saw CPO prices CIF Rotterdam in FY2018 being at an average of US$601 per tonne as compared to US$717 per tonne in 2017.
Indofood Agri’s group’s performance was further affected by foreign currency losses arising from the weakening Indonesian rupiah, as well as impact arising from business combination under common control using book value instead of fair value. The group also saw lower profit contribution from joint ventures and fair value loss on biological assets. The group’s financial expenses increased 11.3 per cent to 719.96 billion rupiah, from 647.04 billion rupiah the year before.
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