MARKET DEVELOPMENT
FGV Q1 Profit Falls Sharply Due To Flood, Lower CPO Prices
FGV Q1 Profit Falls Sharply Due To Flood, Lower CPO Prices
27/05/2015 (Bernama) - Felda Global Ventures Holdings Bhd's profit before tax and zakat for the first quarter ended March 31, 2015 fell 80.9 per cent to RM51.17 million from RM268.01 million in the same quarter in 2014.
Revenue decreased to RM2.96 billion from RM3.73 billion previously, said Chief Financial Officer Ahmad Tifli Mohd Talha.
"Our first quarter results were affected by the anticipated low production of fresh fruit bunches and downtrend in crude palm oil (CPO) prices which are also affecting most plantation-based companies," he said.
Speaking at a media briefing here today, Ahmad Tifli said CPO prices dropped 12 per cent to RM2,279 per tonne from RM2,584 per tonne in the first quarter of 2014.
Severe flooding at the end of last year and early 2015 had impacted the group as 50 per cent of its plantations are located in the three states most affected by the floods, he said.
"Our fresh fruit bunches production volume declined 20 per cent to 930,000 tonnes from 1.16 million tonnes year-on-year due to severe flooding early this year," he said.
Revenue decreased to RM2.96 billion from RM3.73 billion previously, said Chief Financial Officer Ahmad Tifli Mohd Talha.
"Our first quarter results were affected by the anticipated low production of fresh fruit bunches and downtrend in crude palm oil (CPO) prices which are also affecting most plantation-based companies," he said.
Speaking at a media briefing here today, Ahmad Tifli said CPO prices dropped 12 per cent to RM2,279 per tonne from RM2,584 per tonne in the first quarter of 2014.
Severe flooding at the end of last year and early 2015 had impacted the group as 50 per cent of its plantations are located in the three states most affected by the floods, he said.
"Our fresh fruit bunches production volume declined 20 per cent to 930,000 tonnes from 1.16 million tonnes year-on-year due to severe flooding early this year," he said.