KUALA LUMPUR, May 24 (Reuters) - Malaysia’s Felda Global Ventures chief executive Zakaria Arshad said on Tuesday crude palm oil prices will average 2,500 ringgit per tonne in 2016, up from 2,275 ringgit last year.
Felda, which is the world’s third-largest palm plantation operator, on Tuesday reported a first-quarter net loss of 65.5 million ringgit ($16 million) due to low yields from a crop damaging El Nino, compared with 3.57 million ringgit in net profit over the same period last year.
Its revenue stood at 3.76 billion ringgit versus 2.7 billion ringgit at the end of March 2015.
The El Nino weather event brings dry weather across Southeast Asia, denting palm’s fruit yields and lowering output in top producing countries Malaysia and Indonesia. ($1 = 4.1215 ringgit) (Reporting by Emily Chow; Editing by Christian Schmollinger)