11/08/2012 (Dow Jones Newswires) - Golden Agri-Resources Ltd. (E5H.SG) Friday reported second-quarter net profit fell 39.9% from a year earlier owing to weaker crude palm oil prices and lower volumes on the back of delayed shipments.

Net profit for the three months ended June 30 was US$108.1 million, compared with US$179.9 million, the palm-oil plantation company said in a statement to the Singapore Exchange.

Revenue fell 16.2% to US$1.34 billion from US$1.60 billion.

"While we believe that the palm-oil sector will continue to be volatile given the prevailing influence of global economic situation, industry fundamentals continue to be favourable," Golden Agri Chief Executive Franky Widjaja said in the statement.

"Thus, we are confident that Golden Agri-Resources will remain profitable and maintain its position as one of the leading palm-oil companies in the world."

The average crude palm oil market price fell 8.2% on year in the first six months of 2012, while production rose 4% to 4.2 million metric tons in the period, it said.

As of June 30, Golden Agri's total planted area was 457,000 hectares. The profile of plantations comprises 28% immature and young-age and 46% trees in their prime producing years, the company added in the statement.