KUALA LUMPUR, Nov 17 (Reuters) - Malaysia's FGV Holdings Bhd (FGV) FGVH.KL, the world's largest cru
KUALA LUMPUR, Nov 17 (Reuters) – Malaysia’s FGV Holdings Bhd (FGV) FGVH.KL, the world’s largest crude palm oil producer, on Tuesday posted a third-quarter revenue in contrast with a year-ago loss and mentioned it expects the commodity’s value to stay robust till the tip of 2020.
The corporate, which posted its second consecutive quarterly revenue, attributed outcomes to greater crude palm oil (CPO) costs and decrease losses in its sugar sector.
FGV in August reported a second-quarter revenue of 20.5 million ringgit.
“We anticipate each recent fruit bunches and CPO manufacturing in 4Q FY2020 to be impacted by climate uncertainties and partial lockdown in Sabah,” Haris Fadzilah Hassan, FGV’s group chief govt, mentioned in a bourse submitting.
Sabah is Malaysia’s largest palm oil producing state, accounting for 25% of the nation’s manufacturing, however a partial lockdown was imposed in some districts final month after a surge in coronavirus infections.
Third-quarter internet revenue was 136.9 million ringgit ($33.37 million), versus a lack of 262.Four million ringgit a 12 months in the past.
Income rose to three.99 billion ringgit, from 3.55 billion ringgit final 12 months.
($1 = 4.1030 ringgit)
(Reporting by Mei Mei Chu; Modifying by Ramakrishnan M.)
(([email protected]; +6-139-492-9424; Reuters Messaging: @meixchu on Twitter))
The views and opinions expressed herein are the views and opinions of the creator and don’t essentially replicate these of Nasdaq, Inc.