Malaysia’s FGV Holdings Berhad, the world’s largest crude palm oil producer, swung to a fourth-quarter net loss on Thursday from a profit in the same period a year ago, hurt by impairment losses, prov
isions and lower palm oil prices.
Revenue stood at RM3.2 billion, down from RM4.3 billion last year, in line with a drop in crude palm oil prices. “Some of these initiatives are starting to bear fruit, but the improvements will be more visible in 2019.” FGV said palm oil prices this year will be driven by increasing exports to key markets, lower inventory levels and production forecasts, and higher domestic consumption from a stronger biodiesel mandate in Indonesia and Malaysia.
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