The Indonesian agriculture agency expects the demand in palm oil to get better in 2021.
In a disclosure to the bourse, Golden Agri-Sources reported a web revenue of US$230m for the total eyar of 2020. That is 15% decrease than the US$272m reported for 2019.
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The vegetable oil provider attributed the loss to the influence of COVID-19 on the economic system, however expects the demand for palm oil and related merchandise to get better.
The corporate recovered from the US$11m web loss recorded within the first half of the yr, reporting a web revenue of $242m for the second half.
Golden Agri CEO and chairman Franky Widjaja stated that the corporate expects to additional get better in 2021, while anticipating potential volatility.
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“Demand is expected to remain strong with recovery from the COVID-19 pandemic including the demand from Indonesian biodiesel. However, we still need to anticipate volatility with the lingering COVID-19 pandemic,” he stated.
Golden Agri shares traded flat, closing at $0.19 per unit Thursday.
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