PETALING JAYA- Felda Global Ventures Holdings Bhd's (FGVH) net profit plunged 89% to RM22.9 million for the third quarter ended Sept 30, 2013 (Q3FY13) from RM207.71 million a year ago, due to lower contribution from its plantation and manufacturing, logistics and others segments.
Revenue for Q3FY13 fell 15% to RM3.22 billion from RM3.77 billion
Nevertheless, the group declared an interim dividend of 6.0 sen per share for Q3FY13 totalling RM218.89 million, payable before end of this year.
The poor Q3FY13 results dragged its net profit for the nine months period (9MFY13) down by 18% to RM482.33 million from RM588.25 million a year ago, although revenue was marginally lower by 2% to RM8.89 billion from RM9.03 billion.
FGVH attributed the 9MFY13 net profit drop to lower profit from its plantation segment, which fell significantly by 66% year-on-year to RM372.17 million due to lower average crude palm oil (CPO) price realised of RM2,302 per tonne against RM3,107 per tonne a year ago.
This was despite the group posting an 8.5% year-on-year rise in fresh fruit bunch (FFB) production to 3.76 million tonnes for 9MFY13, with FFB yield of 14.58 tonne per hectare compared with 9MFY12's 13.70 tonne per hectare.
Profit from its manufacturing, logistics and others segment also declined by 37.8% in 9MFY13, primarily due to decrease in research and development income by 42.8% and lower fertiliser margin achieved as a result of lower average selling prices and lower sales volume of compound fertilisers by 12% and 5% respectively.
FGVH said its performance for the financial year ending Dec 31, 2013 will be in line with the industry. - The Sundaily
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