13/11/2012 (Fox Business) - Golden Agri-Resources Ltd. (E5H.SG) said Monday its third-quarter net profit fell 22% from a year earlier because of lower palm oil prices and higher soybean costs.

Net profit for the quarter ended Sept. 30 was US$86 million, compared with US$110 million in the same period last year, Golden Agri said in a statement to Singapore Exchange.

Revenue for the quarter rose 7.1% to US$1.67 billion.

Golden Agri "remains confident in the favourable outlook of the palm oil industry, backed by the robust long-term fundamentals of the sector," the company said in the statement.

It said it expects demand for palm oil to continue to grow, supported by strong demand for edible oils and alternative uses such as oleochemicals, specialty fats and biodiesel.

Golden Agri's total planted area as at the end of September was 459,500 hectares, the largest in Indonesia. Of the company's plantations, 29% are immature and young plantations, and 46% are trees in their prime-producing years, according to the statement.

The palm planter announced the payment of an interim dividend of 0.6 Singapore cents (0.5 U.S. cents) per share.