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KUALA LUMPUR: FGV Holdings Bhd today announced its second consecutive quarterly loss, driven by lower prices for crude palm oil and impairment charges.
Net loss amounted to RM 849.3 million for the third quarter ended September, compared to a net profit of RM 41.5 million a year earlier. The turnover decreased by 22.8% to RM3.19 billion.
The company said that its planting business had suffered a sharp loss due to the decline in average gross prices of palm oil, impairments of intangible and tangible assets, and had also suffered a greater share. significant losses from joint ventures.
The average price of crude palm oil achieved during the quarter was 16.5% lower than the previous year, the company added.
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