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.

Plantation