Global Palm Resources suffers from 70% fall in net profit
'Terrible season continues,' says analyst.
According to OCBC Investment Research, Global Palm Resources' terrible season continues as it posts 2Q13 revenue of IDR84.1b, down 21% YoY (but +26% QoQ), hit by softer CPO (crude palm oil) prices as well as lower volume sold.
Reported net profit tumbled 70% YoY and 27% QoQ to IDR6.1b; excluding forex, core net profit still fell 69% YoY and 19% QoQ to IDR9.4b.
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For 1H13, revenue fell 26% to IDR150.9b, meeting 45% of our full-year forecast, while net profit slipped 57% to IDR14.4b, or just 27% of our FY13 estimate.