May 14, 2014 / 9:24 AM / 4 years ago

Golden Agri says Q1 net profit falls 8 pct

SINGAPORE, May 14 (Reuters) - Golden Agri-Resources Ltd , Indonesia’s largest palm oil firm, said its net profit for the quarter ended March 31 dropped 8 percent on the year, as lower contributions from downstream businesses more than offset the boost from higher palm oil prices.

Golden Agri, controlled by Indonesia’s billionaire Widjaja family, reported a net profit of $103.9 million, down from $112.8 million a year earlier. However, the company’s revenue jumped a third on the year, boosted by improved crude palm oil prices, the company said in a statement. (Reporting by Rujun Shen; Editing by Clarence Fernandez)

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