FGV posts RM1bil net loss in FY18 due to impairments, provisions


FGV said in a statement yesterday that the allegations in a video, which was posted on YouTube, had caused much confusion and concern.

KUALA LUMPUR: FGV Holdings Bhd posted net losses of RM1.08bil in the financial year ended Dec 31, 2018 as it was impacted by impairments and provisions of RM1bil.

It announced on Thursday this was in contrast with the net profit of RM130.93mil in FY17. Its revenue declined by 20.4% to RM13.46bil from RM16.92bil a year ago.

For FY18, FGV's loss before zakat and tax (LBZT) was RM1bil compared with profit before zakat and tax (PBZT) of RM403mil the previous year, due in large part to impairments and provisions totaling RM1.038bil. The decline in average crude palm oil (CPO) price during the period in review also affected performance at both top and bottomline,” it said.

Plantation

Subscribe or renew your subscriptions to win prizes worth up to RM68,000!

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

impairments , provisions

   

Next In Business News

Radium’s net profit up to RM4.8mil in 3Q
7-Eleven’s quarterly revenue climbs
SimeProp seeks quality assets for recurring income
Lower interest costs buoy TSH nine-month showing
Zetrix a profit driver for MyEG Services
NFO segment to sustain Sports Toto’s earnings
Thong Guan spreading its wings to Europe, America
Hap Seng bottom line in four-fold rise
Mixed views on PetChem on higher interest expense
No new impetus seen for JETP under Trump

Others Also Read