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Global Palm Resources Q3 profit falls YOY

Global Palm Resources Holdings Ltd said its third-quarter normalized net income amounted to 20.16 rupiah per share, a decrease of 76.2% from 84.79 rupiah per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.11 billion rupiah, a decrease of 76.5% from 17.52 billion rupiah in the prior-year period.

The normalized profit margin declined to 5.4% from 17.2% in the year-earlier period.

Total revenue fell 24.7% on an annual basis to 76.68 billion rupiah from 101.89 billion rupiah, and total operating expenses decreased year over year to 73.66 billion rupiah from 76.32 billion rupiah.

Reported net income fell 69.6% year over year to 7.16 billion rupiah, or 35.12 rupiah per share, from 23.55 billion rupiah, or 114.00 rupiah per share.

As of Nov. 9, US$1 was equivalent to 13,698 rupiah.