Company attributes it to losses in its sugar business and lower crude palm oil prices but expects to do better by end of the year. FMTNews
KUALA LUMPUR: FGV Holdings Berhad’s quarterly revenue dropped by more than half following low crude palm oil prices and losses from its sugar business.
Speaking at a press conference to announce FGV’s second quarterly results, Haris said despite the steep 19% drop in CPO price, FGV’s revenue slipped by a marginal 5% to RM3.28 billion, compared with the previous corresponding quarter’s RM3.44 billion. Among the steps, he said, was a possible collaboration or joint venture with a local or foreign company in the sugar business.
“There are several reasons for this, including the escalating US-China trade war, higher demand with the new biodiesel B30 and B10 mandates in Indonesia and Malaysia respectively, as well as the upcoming festive seasons,” Haris said, cautioning however that the anticipated imposition of import taxes by India might impact prices in the future
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