Golden Agri-Resources (GAR) Ltd, controlled by Sinarmas Group, booked net profit of US$311 million only last year, down 24% from 2012, due to squeezed profit margins. The company’s sales revenue actually increased by 9% to US$6.58 billion, but EBITDA dropped significantly by 16% to US$662 million due to 17% fall of average CPO price to US$797/ton last year.

To subscribe please click here