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Malaysia's FGV posts Q1 loss, warns pandemic challenges to persist

Malaysia's FGV posts Q1 loss, warns pandemic challenges to persist

FILE PHOTO: A general view of the FGV headquarters in Kuala Lumpur, Malaysia September 5, 2019. REUTERS/Lim Huey Teng

KUALA LUMPUR: Malaysia's palm oil giant FGV Holdings reported a first quarter net loss on Friday, warning of continuing challenges due to the COVID-19 pandemic though it forecast that crude palm oil prices would remain high.

FGV, the world's largest crude palm oil producer, said it logged a loss of 35.4 million ringgit (US$8.56 million) during the January-March period, compared with a 142.3 million ringgit loss a year earlier.

Revenue rose 21.9per cent to 3.39 billion ringgit.

The better performance was due to improvements in all business sectors and was boosted by higher crude palm oil prices, the firm said in a bourse filing.

"The group expects crude palm oil prices to remain high but the plantation sector's operating environment will remain challenging due to the COVID-19 pandemic and the tight labour situation," it said.

(US$1 = 4.1345 ringgit)

(Reporting by Mei Mei Chu; Editing by Jacqueline Wong)

Source: Reuters

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