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FGV incurs a loss of RM911 million, including impairment of RM788 million

KUALA LUMPUR, 28 NOVEMBER 2018– FGV Holdings Berhad (FGV) has recorded loss before zakat and tax (LZBT) of RM911 million for its third quarter ended September 2018. This loss includes impairment amounting to RM788 million. LBZT before impairment came in at RM123 million, which compares to the profit before zakat and tax for the previous corresponding quarter was RM118 million.

FGV recorded a revenue of RM3.19 billion compared to RM4.14 billion in the previous corresponding quarter.

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FGV-MPOB B10 Usage Test Successful

FGV Holdings Berhad (FGV) in collaboration with the Malaysian Palm Oil Board (MPOB), has achieved impressive results in biodiesel testing using a 10% (B10) palm methyl ester (PME) mixture in its logistics, plant and plant operations.

The objective of the B10 usage test is a sign of support for government efforts to increase the current B7 biodiesel usage mandate to B10 and to prove scientifically that an increase of 3% does not negatively impact the performance and safety of transport and industrial machinery.

FGV Group President and Chief Executive Officer, Dato’ Zakaria Arshad said FGV and MPOB conducted a comprehensive B10 usage test since August 2017 through the logistics division before being expanded to selected plantation and mill sectors beginning May 2018.

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Export Tax Suspension to Increase FGV Exports Significantly

The government’s decision to suspend the crude palm oil (CPO) export tax for three months is expected to benefit plantation companies with significant upstream operations and strengthen the commodity prices for the first quarter of this year.

FGV Group President and Chief Executive Officer, Dato’ Zakaria Arshad said industry players are faced with issues of high CPO stocks level and strengthening of the Ringgit that have pressured the CPO price to around RM2,500 per MT.

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