FGV earnings down, closing 4 palm oil mills, 2 rubber factories, 1refinery

Zakaria: ‘The volume sold during the quarter was lower compared with last year.’ – Bernama

KUALA LUMPUR: Felda Global Ventures Holdings Bhd (FGV) reported its lowest full-year net profit since its initial public offering in 2012 on account of several rationalisation costs and one-off recognitions made during the final quarter.

These recognitions dragged down FGV’s overall net profit for the financial year ended Dec 31, 2016 (FY16) to RM29.61mil compared with RM188.79mil a year ago. Its full-year revenue amounted to RM17.28bil, a considerable improvement from RM15.55bil in FY15.