Weak commodity prices are to blame.
Mainboard-listed agribusiness group IndoAgri reported a 22.5% drop in its net profit for 2015, as overall revenue took a hit from weak crude palm oil prices.
The group's attributable profit dropped to $17m in the fourth quarter.
The decline was mainly attributable to lower revenue contribution from the Edible Oils & Fats (EOF) Division, partially offset by higher external sales from the Plantation Division.
Plantation Division’s revenue declined 10% and 11% yoy in 4Q15 and FY15, respectively. This reflected mainly lower average selling prices of palm products, but partially offset by higher sales volume of palm products and higher sugar sales.
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