Q3 2019 Golden Agri-Resources Ltd Earnings Call Transcript
We'll start with the executive summary. And the third quarter, we were happy to see a quarterly improvement, and that was mostly driven by the rebound in production from our plantations, which increased by 25%. And as a result, we saw the EBITDA increase by 8 -- by 38% compared to the previous quarter to $107 million, and that brings us to a 9-month EBITDA of USD 305 million. This is still lower than last year, however, mostly because of lower CPO prices compared to last year as well as full year order 9-month production so far.
The lower EBITDA coming from the upstream was partly compensated by the downstream, which saw its EBITDA more than double compared to last year, and we'll give you the detailed figures in a moment.
And in terms of our strategy, we continue to focus on the integrated business model to enhance our competitiveness and also make us less dependent on the CPO price.
The CPO price continues to be the strongest driver of our performance. The good news here is that we recently saw a significant increase
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