November 28, 2018 / 5:40 AM / 6 months ago

Malaysia's FGV posts 2nd quarterly loss on weak crude palm oil prices

KUALA LUMPUR, Nov 28 (Reuters) - FGV Holdings Bhd, Malaysia’s largest palm oil producer, posted its second consecutive quarterly loss on Wednesday, dragged by declining crude palm oil prices and impairment charges.

Net loss was 849.3 million ringgit ($202.55 million) in the third quarter ended September, compared with a net profit of 41.5 million ringgit a year earlier. Revenue fell 22.8 percent to 3.19 billion ringgit.

The company said its plantation business suffered a steep loss due to lower average crude palm oil prices realised, intangible and tangible asset impairments, and also sustained a higher share of losses from joint ventures.

The average crude palm oil price realised during the quarter was 16.5 percent lower than a year earlier, the company added. . ($1 = 4.1930 ringgit) (Reporting by Liz Lee; Editing by Subhranshu Sahu)

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