Golden Agriculture: Net profit rose 932%.

Chu Yeow commented during lunchtime that Golden Agriculture "turned in quite a good quarter". It was an understatement, I found out. The impressive set of numbers resulted in a white candle day for the counter. What we have looks like a bullish harami and, if valid, will see 55.5c resistance taken out.  The technicals do suggest that the rate of descent has slowed. If 55.5c is taken out, the next resistance level would be 58c.

"Golden Agri-Resources says net profit attributable to shareholders rose 932% to US$89 million ($122.9 million) in the first quarter 2010 (1Q 2010) from US$9 million in (1Q 2009) despite low seasonal production....

".........The planter’s financial position as at end of March 2010 remained at a healthy level with conservative gearing and sufficient cash balance. Total assets maintained at US$7.83 billion while total liabilities were recorded at US$2.21 billion."


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Golden Agri-Resources’ 1Q net profit surges 932% to $123m
Wednesday, 12 May 2010

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