MARKET DEVELOPMENT
FGV Pre-Tax Profits Up At RM1.50 Billion In FY13
FGV Pre-Tax Profits Up At RM1.50 Billion In FY13
27/02/2014 (Bernama) - Felda Global Ventures Holdings Bhd (FGV) chalked up a higher pre-tax profit of RM1.50 billion for the financial year ended Dec 31, 2013 from RM1.07 billion recorded in 2012.
Revenue declined to RM12.56 billion, during the period under review, from RM12.88 billion registered in the corresponding year.
For the fourth quarter, pre-tax profit rose to RM512.65 million from RM237.22 million registered in 2012 while revenue advanced to RM3.67 billion from RM3.85 billion previously.
Group President and Chief Executive Officer Mohd Emir Mavani Abdullah said the company was encouraged with the results achieved for the quarter and the year under review.
"Despite the challenging environment and pressures on crude palm oil (CPO) prices, we are glad to have delivered a final bottom line that is a significant improvement on a year-on-year basis," he was quoted in a company statement.
The group results were buoyed by a fair value gain of RM328.3 million arising from the acquisition of Felda Holdings Bhd.
A gain of RM494.5 million, arising from fair value changes in the land lease agreement liability, was also realised.
In line with the industry's performance, FGV's average realised CPO price was lower compared to the previous financial year.
"However, the group's palm fresh fruit bunches (FFB) production increased to 5.05 million tonnes, as FFB yield improved to 19.59 million tonnes per hectare from 19.12 million tonnes per hectare in 2012," said Mohd Emir.
The group produced 3.21 million tonnes of CPO last year.
The sugar segment delivered improved profits of RM388.8 million for the year under review, up 24.4 per cent from the previous year, due to higher volume as well as, lower processing and purchasing costs of refined sugar.
Moving forward, Mohd Emir said the group would explore new brownfields to moderate the loss of income from ongoing replanting efforts and add value to the plantation segment.
"As we expand and escalate our operations, we fully intend to maintain our appetite for exploring new opportunities which complement our core activities and allow us to meet our growth targets," added Emir.
Revenue declined to RM12.56 billion, during the period under review, from RM12.88 billion registered in the corresponding year.
For the fourth quarter, pre-tax profit rose to RM512.65 million from RM237.22 million registered in 2012 while revenue advanced to RM3.67 billion from RM3.85 billion previously.
Group President and Chief Executive Officer Mohd Emir Mavani Abdullah said the company was encouraged with the results achieved for the quarter and the year under review.
"Despite the challenging environment and pressures on crude palm oil (CPO) prices, we are glad to have delivered a final bottom line that is a significant improvement on a year-on-year basis," he was quoted in a company statement.
The group results were buoyed by a fair value gain of RM328.3 million arising from the acquisition of Felda Holdings Bhd.
A gain of RM494.5 million, arising from fair value changes in the land lease agreement liability, was also realised.
In line with the industry's performance, FGV's average realised CPO price was lower compared to the previous financial year.
"However, the group's palm fresh fruit bunches (FFB) production increased to 5.05 million tonnes, as FFB yield improved to 19.59 million tonnes per hectare from 19.12 million tonnes per hectare in 2012," said Mohd Emir.
The group produced 3.21 million tonnes of CPO last year.
The sugar segment delivered improved profits of RM388.8 million for the year under review, up 24.4 per cent from the previous year, due to higher volume as well as, lower processing and purchasing costs of refined sugar.
Moving forward, Mohd Emir said the group would explore new brownfields to moderate the loss of income from ongoing replanting efforts and add value to the plantation segment.
"As we expand and escalate our operations, we fully intend to maintain our appetite for exploring new opportunities which complement our core activities and allow us to meet our growth targets," added Emir.