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FGV Recorded PBT of RM26.22 Million for Q1 2018

For the first quarter of its financial year ending 31 March 2018, FGV Holdings Berhad (FGV) registered a Profit Before Tax of RM 26.22 million, a significant improvement from the loss of RM32.26 million recorded in the previous corresponding quarter. This improved performance is attributable to enhanced productivity and improved contributions from the Sugar and Logistics & Support Business (LSB) sectors.

FGV’s Profit After Tax rose from a loss of RM32.20 million in Q1 2017 to RM8.47 million for the period under review, while its revenue declined by 17% to RM3.6 billion compared with RM4.3 billion in the previous corresponding quarter.

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FGV’s Internal Probes Almost Concluded – sources

We refer to the article entitled: “FGV’s internal probes almost concluded”, which was published in a local financial daily.

In October last year, upon the instructions of its Board of Directors, FGV Holdings Berhad conducted preliminary internal investigations into the past investments mentioned in the article. Upon the conclusion of the internal investigations, the Board instructed management to commence forensic investigations.

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FGV’s response to Mongabay article ‘Major Islamic financier singled out for deforestation in Indonesia’ dated 1st May 2018

We refer to your article ‘Major Islamic financier singled out for deforestation in Indonesia’ dated 1st May 2018 and in particular the paragraph stating ‘ The Chain Reaction Research report singles out Felda Global Ventures (FGV), an agri-commodities company and joint venture partner with THP, as being particularly at risk. FGV did not respond to a request for comment from Mongabay.’

In light of the above, we would like to inform that we had communicated with The Chain Reaction Research on 20th April 2018 to state that the Felda Iffco Group has divested all its shareholding/interest in PT SON on 12th March 2018. FGV did not have management control of PT SON. Pursuant to the divestment, PT SON therefore is no longer a part of the Felda Iffco Group of Companies.

As such, we would appreciate it if a correction could be made in your article regarding the above matter.

Dato’ Zakaria Arshad
Group President and Chief Executive Officer
FGV Holdings Berhad

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