FGV 3Q net loss narrows on higher yield and lower operating cost

By SHAHEERA AZNAM SHAH / Pic By RAZAK GHAZALI

FGV Holdings Bhd’s net loss for the third quarter ended June 30, 2019 has narrowed to RM262.4 million from RM849.4 million a year ago on higher yield and lower operating cost, balanced by lower crude palm oil (CPO) price and losses incurred in its sugar sector.

In a filing today, FGV said its revenue for the quarter rose 11% to RM3.55 billion from RM3.19 billion previously.

The planter’s loss per share was lower at 7.2 sen compared with 23.3 sen a year ago.

For the nine months ended Sept 30, FGV’s net loss lowered to RM317.9 million from RM871.76 million a year earlier.

For the period between July and September, FGV recorded 15% increase in fresh fruit bunch (FFB) production to 1.24 million tonne from 1.08 million tonne in 3Q18. 

Its FFB yield increased to 5.12 tonne per hectare, a 19% increase from 4.32 tonne per hectare. 

In a separate statement, FGV group CEO Datuk Haris Fadzilah Hassan said the planter’s transformation plan has brought a significant improvement to the group’s operation.

“Our transformation plan is obviously bearing fruit, evidenced by the significant improvement in operational performance.

“With higher CPO price in the fourth quarter, our improving operational numbers bodes well for the future,” he said today.

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