Golden Agri-Resources, a producer of crude palm oil and palm kernel, on Monday reported a 45 percent slump in second-quarter profit due to the recognition of deferred tax income of US$131 million in the previous period.
Golden Agri-Resources posted a net profit of US$22 million in the three months ended June 30 compared to US$40 million a year ago.
Revenue edged up 1 percent to US$1.8 billion.
Palm product output in the second quarter recovered by 41 percent due to the weakening of the El Niño impact.
Earnings per share for the quarter dropped to 0.17 US cents a share, against 0.31 US cents a share while the group's net asset value held steady at 32 US cents a share compared with December 31, 2016.
Shares in the company ended unchanged at S$0.375. The stock has lost 13 percent so far this year.