FGV posts RM1bil net loss in FY18 due to impairments, provisions

FGV said in a statement yesterday that the allegations in a video, which was posted on YouTube, had caused much confusion and concern.

KUALA LUMPUR: FGV Holdings Bhd posted net losses of RM1.08bil in the financial year ended Dec 31, 2018 as it was impacted by impairments and provisions of RM1bil.

It announced on Thursday this was in contrast with the net profit of RM130.93mil in FY17. Its revenue declined by 20.4% to RM13.46bil from RM16.92bil a year ago.

For FY18, FGV's loss before zakat and tax (LBZT) was RM1bil compared with profit before zakat and tax (PBZT) of RM403mil the previous year, due in large part to impairments and provisions totaling RM1.038bil. The decline in average crude palm oil (CPO) price during the period in review also affected performance at both top and bottomline,” it said.


Limited time offer:
Just RM5 per month.

Monthly Plan


Billed as RM5/month for the 1st 6 months then RM13.90 thereafters.

Annual Plan


Billed as RM148.00/year

1 month

Free Trial

For new subscribers only

Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

impairments , provisions


Next In Business News

Wall St set to open lower as Meta Platforms, economic data weigh
Al-’Aqar REIT aims to acquire yield-accretive properties from KPJ Healthcare
Samenta wants micro enterprises to be exempted from e-invoicing
Pantech seeks Main Market listing for subsidiaries via SPV
Inta Bina secures RM224.80mil contract for serviced apartment project
UMediC transfers to Main Market
Ringgit closes marginally higher against US dollar
AirAsia X mulls flying to Eastern Europe, London and Orlando
MKHOP posts RM16mil net profit in 2Q24
Gobind: Appointment of new DNB board members marks major milestone in 5G network restructuring

Others Also Read