Malaysia's Felda Global Swings to Net Profit in 3Q

By Yantoultra Ngui Features Dow Jones Newswires

KUALA LUMPUR, Malaysia--Malaysian palm-oil producer, Felda Global Ventures Holdings. (5222.KU), on Thursday announced a net profit of 38.77 million ringgit (US$9.4 million) in the third quarter versus a net loss of MYR73.61 million in the same period a year ago.

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The better performance came on the back of lower cost of sales and other operating expenses, higher other operating income, commodity gains and higher share of results from associates, according to its financial statement filed to the local stock exchange.

Revenue declined 1.0% to MYR4.15 billion in the July-September period from MYR4.19 billion the same period a year ago, it said.

Moving forward, Felda Global said business operations are expected to improve with better production of fresh fruit bunch. In line with this, its board expects future prospects of the group to be positive.

Felda Global Group President and Chief Excutive Officer Zakaria Arshad said the company is expected to perform better at the close of this year versus 2016 based on significant improvement in its fresh fruit bunch production for October.

Shares of Felda Global ended midday break 0.6% lower at MYR1.78 prior to the earnings release.

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-Write to Yantoultra Ngui at yantoultra.ngui@wsj.com

(END) Dow Jones Newswires

November 23, 2017 01:15 ET (06:15 GMT)