FGV profit down 65% in Q2 on sugar business

As part of a package of incentives amounting close to RM1.6bil, some 77,934 Felda settlers, who are still paying for loans taken to subscribe for FGV shares during the listing exercise in 2012, will see their amounts outstanding being reduced significantly in a scheme whereby Felda matches their liabilities ringgit-for-ringgit, said an official close to the details.

PETALING JAYA: Felda Global Ventures Holdings Bhd (FGV) posted a 65% drop in second quarter profit from a year ago as its sugar business dragged down group profit on higher raw material prices and a weaker ringgit.

Profit fell to RM25.9mil from RM73.7mil while revenue rose to RM4.22bil from RM4.14bil in the second quarter ended June 30, 2017 compared with the same period in 2016.