Golden Agri-Resources, the world’s second-largest oil-palm planter, said fourth-quarter profit fell 36% because of lower prices, output and plantation value.
Net income fell to US$747.8 million ($942.6 million) in the three months ended Dec. 31 from US$1.17 billion a year earlier, the Singapore-based company said today in a statement. That beat the US$131.6 million average estimate of three analysts in a survey compiled by Bloomberg.
Golden Agri, the largest grower of palm fruit in Indonesia, posted lower profit as the global economic slowdown depressed demand for and prices of edible oils. Earnings were also eroded because the company booked a lower fair-value gain on its assets, compared with the same period last year.
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