Floods take toll on Felda Global Ventures

FGV group president and chief executive officer Datuk Mohd Emir Mavani Abdullah said severe flooding at the end of last year and early this year had impacted FGV as 50% of its plantations is located in the three most affected states, disrupting harvesting activities and the transportation of the FFB.

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.