FGV Q2 net profit falls 65%, expects to miss FFB production target

KUALA LUMPUR: Felda Global Ventures Holdings Bhd (FGV), whose net profit fell 65% in the second quarter ended June 30, 2017, has revised downwards its fresh fruit bunch (FFB) production for the year.

Officer-in-charge Datuk Khairil Anuar Aziz said the group has revised its FFB production target for 2017 to 4.3 million MT from 4.5 million MT previously.

Plantation sector COO S. Palaniappan said the revision is partly due to shortage of labour and also due to the young age profile of its trees.

Speaking to reporters at a briefing today, Khairil said it is on track to achieve its replanting target of 14,000 ha. It has 4,000 ha of felling and 12,522 ha of replanting area to be completed in the second half of this year.

On crude palm oil price, Khairil said it expects the price to range between RM2,700 and RM2,900 per MT in the second half of 2017.

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