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Golden Agri-Resources has posted net losses of US$16.7 million ($23.5 million) for FY2015, compared with earnings of US$113.6 million in FY2014. Revenue fell 14.6% to US$6.5 billion, on the back of lower average crude palm oil prices. Golden Agri says its operating performance is expected to be impacted by CPO prices while the El Nino is expected to lower its production for the year, offset by anticipated higher CPO prices coming from supply shortage and increased domestic demand with the implementation of the biodiesel policy in Indonesia. The group also recorded a higher net foreign exchange loss of US$91.8 million, on the back of a translation loss on Indonesian Rupiah denominated monetary assets and fair value loss on forward foreign currency contracts entered to hedge the currency exposure of IDR and Malaysian Ringgit.
Wheelock Properties narrowed its 4Q loss to $1 million from $103 million a year ago on a surge in other income.Revenue rose 302.7% to $108 million for the 4Q, lifted by sales of units in The Panorama, Ardmore Three and Scotts Square. This was partially offset by lower rental income from Scotts Square Retail.
Swiber Holdings has sunk into net losses of US$18.7 million ($26.3 million) for FY15 from a year ago on impairment loss and absence of one-time gain on disposal. In FY14, the group had reported earnings of US$31.2 million. Revenue rose 14.7% to US$833 million, with the higher revenue contributions from Latin America and South Asia. However, other operating income fell 91.4% to US$8.9 million, largely due to the US$101.8 million one-time gain on disposal of a group of subsidiaries in FY2014 that was not repeated in the current year. Meanwhile, operating expenses doubled to US$11.9 million with the impairment loss of trade receivables of US$8.6 million, while the share of profit from associates and joint ventures fell 32.8% to US$27.8 million. The group also recorded an impairment loss of investment in an associate of US$24.6 million.
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Golden Agri-Resources has posted net losses of US$16.7 million ($23.5 million) for FY2015, compared with earnings of US$113.6 million in FY2014. Revenue fell 14.6% to US$6.5 billion, on the back of lower average crude palm oil prices. Golden Agri says its operating performance is expected to be impacted by CPO prices while the El Nino is expected to lower its production for the year, offset by anticipated higher CPO prices coming from supply shortage and increased domestic demand with the implementation of the biodiesel policy in Indonesia. The group also recorded a higher net foreign exchange loss of US$91.8 million, on the back of a translation loss on Indonesian Rupiah denominated monetary assets and fair value loss on forward foreign currency contracts entered to hedge the currency exposure of IDR and Malaysian Ringgit.
Wheelock Properties narrowed its 4Q loss to $1 million from $103 million a year ago on a surge in other income.Revenue rose 302.7% to $108 million for the 4Q, lifted by sales of units in The Panorama, Ardmore Three and Scotts Square. This was partially offset by lower rental income from Scotts Square Retail.
Swiber Holdings has sunk into net losses of US$18.7 million ($26.3 million) for FY15 from a year ago on impairment loss and absence of one-time gain on disposal. In FY14, the group had reported earnings of US$31.2 million. Revenue rose 14.7% to US$833 million, with the higher revenue contributions from Latin America and South Asia. However, other operating income fell 91.4% to US$8.9 million, largely due to the US$101.8 million one-time gain on disposal of a group of subsidiaries in FY2014 that was not repeated in the current year. Meanwhile, operating expenses doubled to US$11.9 million with the impairment loss of trade receivables of US$8.6 million, while the share of profit from associates and joint ventures fell 32.8% to US$27.8 million. The group also recorded an impairment loss of investment in an associate of US$24.6 million.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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