29.05.2021 (www.thestar.com.my) - KUALA LUMPUR: FGV Holdings Bhd’s net losses narrowed sharply to RM35.42mil in the first quarter ended March 31,2021, as its revenue increased on higher crude palm oil (CPO) prices.

In a filing with Bursa Malaysia, the company said net losses were lower compared with RM142.35mil a year ago.

Its profit before zakat and taxation was RM15mil compared with a loss of RM163.05mil previously.

Revenue increased to RM3.39bil from RM2.78bil.

FGV said the plantation sector registered a lower loss of RM50.78mil in the first quarter versus RM147.27mil a year ago.

“The improvement was largely attributable to higher margin as a result of higher average CPO price realised of RM3,172 per tonne against RM2,669 per tonne registered in previous financial period despite lower CPO sales volume by 16.3%, ” it said.

FGV also said the rubber and palm kernel division reported better margin while share of profit from joint ventures improved to RM2.17mil from a loss of RM7.49mil a year ago.