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Thursday, May 2, 2013

Golden Agri down 3.6%; Indofood results weigh

Source: http://www.theedgesingapore.com/the-daily-edge/business/43673-golden-agri-down-36indofood-results-weigh.html

Golden Agri is 3.6% lower at $0.53, extending Monday’s 2.7% decline. “It’s the bad results from Indofood Agri,” an analyst says.

Before Monday’s market open, Indofood Agri reported that 1Q13 net profit fell 75% on-year to $20 million, with the company citing lower commodity prices for key plantation crops and higher production costs and operating expenses. “People are kind of reading that across the sector,” he says, noting Golden Agri is “the bellwether of the sector.”

He notes Golden Agri’s shares also had an unexplained “pop” last week; the share ended last week up 7.6%. Golden Agri’s results are due May 13 after the market close.

Last week’s low of $0.52, also the lowest since July 2010, may offer support. Indofood Agri’s shares are down 3.1% at $1.08, extending Monday’s 2.2% drop.

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