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FGV Records Pre-Tax Loss Of RM70.35 Million For Q1

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KUALA LUMPUR – Felda Global Ventures Holdings Bhd (FGV) posted a pre-tax loss of
RM70.35 million for the first quarter ended March 31, 2016, from a pre-tax profit
of RM72.88 million in the same period last year.

Revenue, however, rose to RM3.75 billion from RM2.71 billion previously, it
said in a filing to Bursa Malaysia today.

FGV said the slide into the red was mainly due to lower crude palm
oil (CPO) production in the palm upstream segment.

“The segment suffered a loss of RM100.55 million in 2016 on the
back of weaker crude palm oil production.

“It declined by 14 per cent to 484,000 metric tonnes in tandem
with lower fresh fruit bunch production of 930,000 metric tonnes recorded in
2015 to 781,000 metric tonnes this year,” it added. – Bernama


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