MARKET DEVELOPMENT
FGV 1H Pre-Tax Profit Falls To RM263.14 Million
FGV 1H Pre-Tax Profit Falls To RM263.14 Million
25/08/2015 (Bernama) - Felda Global Ventures Holdings Bhd's (FGV) pre-tax profit for the first half (1H) ended June 30, 2015 declined to RM263.14 million from RM620.97 million in the same period last year.
In a filing to Bursa Malaysia today, FGV said this was due to lower earnings mainly from palm-related segments.
Revenue fell to RM6.9 billion from RM7.4 billion previously, it said.
For the second quarter ended June 30, 2015, its pre-tax profit slipped to RM190.27 million from RM323.25 million in the same quarter last year.
The revenue, however, rose to RM4.2 billion from RM3.9 billion previously.
FGV said the oil palm industry remained challenging and China's economic slowdown has wide-ranging consequences for global oil and commodities markets.
"Year to-date, Malaysia's crude palm oil market has experienced weaker exports, which were attributed to softer demand from countries like China, India and European Union," it said.
It said despite a slight increase in demand due to festive season, the markets remained weak, and the volatile interest and foreign exchange rates had resulted in tougher operating conditions for the group.
In a filing to Bursa Malaysia today, FGV said this was due to lower earnings mainly from palm-related segments.
Revenue fell to RM6.9 billion from RM7.4 billion previously, it said.
For the second quarter ended June 30, 2015, its pre-tax profit slipped to RM190.27 million from RM323.25 million in the same quarter last year.
The revenue, however, rose to RM4.2 billion from RM3.9 billion previously.
FGV said the oil palm industry remained challenging and China's economic slowdown has wide-ranging consequences for global oil and commodities markets.
"Year to-date, Malaysia's crude palm oil market has experienced weaker exports, which were attributed to softer demand from countries like China, India and European Union," it said.
It said despite a slight increase in demand due to festive season, the markets remained weak, and the volatile interest and foreign exchange rates had resulted in tougher operating conditions for the group.