Aug 15, 2019 / 01:00AM GMT
Richard Fung - Golden Agri-Resources Ltd - Director of IR
It's the executive summary. And as you can see, the results were lower for the second quarter and the first half compared to the same period last year. And that is driven by 2 critical factors for the industry. One is the CPO price, which came down by 22%; and the other is the production output, which came down by 2% compared to first half last year and by 6% compared to second quarter in 2018 for the second quarter.
Nonetheless, we do see that Golden Agri proved its resilience because despite the lower CPO price, we still maintained an EBITDA of $77 million for a total of $198 million for the first half of this year. And while the upstream was impacted by the weak CPO price, as I mentioned, we saw an increase -- increased contribution from our downstream and thereby offsetting some of the weakness in the upstream. So therefore, we believe we need to continue to focus on the integrated business model to enhance our competitiveness in the industry but also to be less sensitive to CPO price volatility.
In terms of industry outlook,
Half Year 2019 Golden Agri-Resources Ltd Earnings Media Call Transcript
Aug 15, 2019
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