Felda Global Ventures Bhd (FGV) posted net losses of RM65.54mil in the first quarter ended March 31, 2016 as its crude palm oil (CPO) production was severely impacted by the El Nino.This was in stark contrast with earnings of RM3.57mil a year ago.
FGV, the world's third largest oil palm company, reported on Tuesday that revenue was however higher at RM3.75bil compared with RM2.71bil a year ago. Loss per share was 1.8 sen compared with earnings per share of 0.1 sen.
“The group's fresh fruit bunches (FFB) production for Q1, 2016 was adversely affected by the severe dry condition from the El Nino phenomenon. This industry-wide impact, though gradually reducing in severity, is expected to result in an overall reduction of the group‟s plantation yield for the current year compared to 2015,” it said.
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FGV, the world's third largest oil palm company, reported on Tuesday that revenue was however higher at RM3.75bil compared with RM2.71bil a year ago. Loss per share was 1.8 sen compared with earnings per share of 0.1 sen.
“The group's fresh fruit bunches (FFB) production for Q1, 2016 was adversely affected by the severe dry condition from the El Nino phenomenon. This industry-wide impact, though gradually reducing in severity, is expected to result in an overall reduction of the group‟s plantation yield for the current year compared to 2015,” it said.
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