SINGAPORE (Yosefardi) – Golden Agri-Resources Ltd (GAR) made a strong recovery in fourth quarter of 2013 quarter-on-quarter performance, while full year results was affected by weaker production and CPO prices in previous quarters.
It booked core net profit of US$113 million in fourth quarter of 2013, jumped 199% (twofold) compared to previous quarter. Revenue rose 21% to US$1.9 billion. While palm product output increased 18% to 816,400 MT.
For full year of 2013, the company recorded net profit of US$318 million, declined 21% compared to 2012. Revenue rose 9% to US$6.58 billion mainly driven by the expansion of downstream business in Indonesia. While palm product output was up 5% to 2.77 million MT.
GAR’s plantation area in Indonesia totaled 471,100 hectares, of which 13,700 hectares are new planting and replanting. The completion to acquire 16,000 hectares of oil palm plantation in Indonesia is in progress.
GAR targets to sustain growth at 5%-10% per annum. In the upstream sector, GAR tagets to expand palm oil plantations by 20,000-30,000 hectares in 2014 through organic growth and acquisition with projected 2014 capex of US$250 million. For downstream growth, GAR projects 2014 capex of US$300 million.