Half Year 2020 Golden Agri-Resources Ltd Earnings Media Call Transcript
Good morning. Thank you for joining our presentation. The first half was somewhat difficult for most of the people in the industry, including GAR. And what we saw, if we compare the first half to first half last year, that even though our revenue increased, we did see a decline in earnings, primarily because of the supply chain disruptions that were caused by the various lockdowns that we've seen throughout the world and our destination markets.
In the second quarter though, we gradually saw a opening up of economies. And that allowed Golden Agri to put in a stronger performance, even though most of the industry was under pressure from both lower production outlook as well as lower CPO prices.
So if you compare our first quarter this year compared to second quarter, then you see the second quarter, we saw revenue increased by 5% and EBITDA increased by 34% (sic) [24%].
We then move to the Slide #7 on financial performance. And here, we can see the quarterly results and the gradual recovery.
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