FGV breaks even in quarter one

Higher output: FGV says its CPO production for the first quarter has improved by 18.4 to 0.67 million tonnes from the growth in fresh fruit bunches. — Bernama

PETALING JAYA: Felda Global Ventures Holdings Bhd (FGV) broke even in its first quarter ended March 31 on the improved performance of its sugar and logistics divisions, which offset the impact of weaker crude palm oil (CPO) selling prices.

The world’s third-largest palm plantation operator’s net profit for the quarter stood at RM1.3mil compared to RM1.7mil a year earlier, on the back of a 16.5% or RM713mil drop in revenue.