KUALA LUMPUR: Felda Global Ventures Holdings Bhd’s (FGV) first quarter (Q1) net profit plunged 98% to RM3.58mil from RM143.63mil a year ago due to lower crude palm oil price and production.
The plantation company that derived more than 70% of its earnings from the upstream division took a hit from the commodity’s negative outlook but was determined to focus on cost efficiency and balancing out its business portfolio.
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