Tuesday, August 23, 2011

Felda Global 1H pre-tax profit up 25% to RM167.8m

KUALA LUMPUR: Felda Global Ventures Holdings Sdn Bhd's pre-tax profit rose 25% to RM167.8 million in the first half ended June 30, 2011 from RM134 million a year ago.

It said on Tuesday, Aug 23 that its turnover rose 26.1% to RM1.98 billion from RM1.57 billion.

Its associate company Felda Holdings Bhd saw a 15% decline in its pre-tax profit to RM314 million in the six months ended June 30 from RM363 million a year ago.'' Revenue rose 28.9% to RM8.9 billion from RM6.9 billion.

Felda Global Group said the Felda Global's performance for 1H of FY11 indicated the group was set to achieve another year of good profits.

Felda Global group president, Datuk Sabri Ahmad said group would meet its profit targets.

'Our upstream operations are recovering well from the adverse effects of the El Nino weather phenomenon which affected the PLANTATION [] industry late last year and early this year,' he said.

Sabri pointed out this was reflected in Felda Holdings' pre-tax profit up to July 31 this year which increased 12.8% to RM432'' million'' from RM383 million in previous corresponding seven months last year.

'So we are in good stead to deliver another round of solid performance from the group,' he said.

For FY ended Dec 31, 2010, Felda Global Ventures pre-tax profit rose 80% to RM366 million from RM203 million in FY09.'' However, Felda Holdings' pre-tax profit was lower at RM760 million from RM804 million in FY09.

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