Global Palm Resources warned Wednesday it expects to report a net loss for the second quarter, mainly on a drop in the sales volume and average selling price of crude palm oil and on a lower average selling price of palm kernel.
The warning was based on a preliminary review of the unaudited financial statements, which are still being finalized, Global Palm Resources said in a filing to SGX after the market close.
The results are expected to be released on or before 14 August, the filing said.
That followed peer Indofood Agri reporting Wednesday that its second quarter net loss widened to 216.54 billion Indonesian rupiah (S$21.19 million or US$15.44 million) from 68.60 billion rupiah in the year-ago period on lower selling prices for palm products.
Rotterdam CIF CPO prices fell 11 percent to an average US$533 a tonne in the first half from US$601 a tonne in 2018, Indofood Agri said.
“The ongoing U.S.-China trade tensions continue to affect the global trade flows and economic growth. These uncertain global developments have negatively impacted the prices of agricultural commodities,” Indofood Agri said.
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