Global Palm Resources warns it expects 2018 net loss

Singapore two-dollar bills

Global Palm Resources issued a profit warning on Thursday, saying that after a preliminary review of its unaudited results for 2018, it expected to report a net loss.

That was mainly due to lower sales volume and average selling prices for crude palm oil and palm kernel, the company said in a filing to SGX after the market close on Thursday.

It added that it was still finalizing the unaudited results for the full year and further details would be disclosed when the financial statements are released, which was expected on or before 1 March.

Recently, brokerage RHB forecast an average crude palm oil price of US$596 a tonne for 2018, down 17.2 percent on-year, and US$553 a tonne for 2019.

 

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