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Golden Agri-Resources swings to profit in Q3

Golden Agri-Resources Ltd said its third-quarter normalized net income amounted to $74.1 million, compared with a loss of $17.7 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 4.0% from negative 1.1% in the year-earlier period.

Total revenue climbed 16.6% on an annual basis to $1.84 billion from $1.57 billion, and total operating expenses climbed 11.9% on an annual basis to $1.71 billion from $1.53 billion.

Reported net income totaled $219.7 million, or 2 cents per share, compared to a loss of $16.4 million, or a loss of 0 cents per share, in the year-earlier period.