Golden Agri Q2 profit falls, flags tough outlook in China

Singapore-listed Golden Agri-Resources reported a plunge in its second-quarter net profit, hurt by lower palm oil prices, and said the operating environment in China remains challenging due to intense competition.

The company posted net profit of US$45 million ($57.4 million) for the three months ended June, down 58% from a year earlier. The earnings were also 60% lower than the previous quarter, mainly due to weaker production and higher plantation costs.