Guan Chong sinks into the red in Q3 on forex, contract losses

KUALA LUMPUR: Southeast Asia’s largest cocoa grinder Guan Chong Bhd posted net losses of RM11.84mil in the third quarter ended Sept 30, 2013 from earnings of RM27.41mil a year ago and is bracing for tougher times ahead.

It said on Monday loss before tax was RM12.74mil versus profit before tax of RM9.43mil a year ago mainly due to higher net loss on foreign exchange and higher net fair value loss on commodity future contracts.