Global Palm Resources issues profit warning

Palm oil plantation in Sumatra, IndonesiaPalm oil plantation in Sumatra, Indonesia

Global Palm Resources warned Thursday it expected to report a net loss after income tax for the third quarter.

“The net loss for the third quarter of 2019 is mainly due to the decrease in the average selling price of crude palm oil and palm kernel,” Global Palm Resources said in a filing to SGX.

Global Palm Resources said it was still in the process of finalizing its unaudited results for the quarter.

The company said it expects to issue its results on or before 14 November.

Separately, Indofood Agri Resources had reported Thursday Rotterdam CIF CPO prices decreased 11 percent on-year to an average of US$535 a tonne in the quarter.

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