KUALA LUMPUR, May 28 — Malaysia's Felda Global Ventures Bhd, the world's largest crude palm oil producer, today said its net profit fell 24 per cent in the first quarter from the same time last year amid lower prices for the commodity.
FGV reported net a profit of RM1.3 million for the quarter that ended in March, versus 1.7 million ringgit in the same period the year before.
Revenue dropped to RM3.6 billion, versus RM4.3 billion last year.
The company said it expected its 2018 results to be "satisfactory" despite "challenges" in the market.
FGV's plantation business recorded lower profits in the quarter despite higher sales volumes, hit by weaker average crude palm oil prices compared with the corresponding period a year ago, the company said in a statement released on the local stock exchange in the midday break.
FGV's shares were trading 3.1-per cent higher before the break, outperforming the benchmark index which was down 0.6 per cent.
Benchmark palm oil prices were last down 1.6 per cent at RM2,415 a tonne.
Crude palm oil prices averaged RM2,487 in the first quarter of 2018, down from RM2,900 last year. — Reuters