FGV profit plunges 96% due to flooding and acquisitions

President and chief executive officer Datuk Mohd Emir Mavani Abdullah(pic) is under pressure after the group

PETALING JAYA: Felda Global Ventures Holdings Bhd (FGV) said net profit for the fourth quarter ended Dec 31, 2014 plunged 96% to RM20.21mil from a year ago as operating income declined while administrative and operating cost jumped.

Analysts had already expected a weak quarter for the group, following the recent flooding in the East Coast of the country that had affected palm oil production at several estates. The company is also expected to take some losses related to the acquisition of London-listed Asian Plantations Ltd (APL).