KUALA LUMPUR: FGV Holdings Bhd today posted its second consecutive quarterly loss on, dragged by declining crude palm oil prices and impairment charges.
Net loss was RM849.3 million in the third quarter ended September, compared with a net profit of RM41.5 million ringgit a year earlier. Revenue fell 22.8% to RM3.19 billion.
The company said its plantation business suffered a steep loss due to lower average crude palm oil prices realised, intangible and tangible asset impairments, and also sustained a higher share of losses from joint ventures.
The average crude palm oil price realised during the quarter was 16.5% lower than a year earlier, the company added. - FMT
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