FGV's financials to be in the black this year

The challenging period for Felda Global Ventures Holdings Berhad (FGV) has passed and the firm expects 2017 to be the year for its financial to turn to black.

Its Chief Executive Officer Datuk Zakaria Arshad said the performance will be underpinned by increasing number of mature palm trees after huge replanting processes which have bear fruit.

“Our revenue has increased and most importantly our effort to reduce management cost has helped us a lot.

“The worst is over for FGV, 2016 was the worst year for us but i think our revenue would be better this year and the year to come,” he told reporters after FGV’s Chinese New Year dinner, here.

Zakaria added that FGV will be announcing its financial result for the 4th quarter of 2016 and full year performance of 2016 after board meeting on February 22nd.

FGV carries out replanting process of average 16,000 hectare a year and for this year, approximately 70,000 hectares of replanting area would achieve mature stage.

This will increase its Fresh Fruit Bunch yield of about 500,000 tons subsequently contributing to 4.6 million tons this year.