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Felda Global Ventures swings to loss in Q3

FGV Holdings Berhad said its normalized net income for the third quarter amounted to a loss of 2 Malaysian sen per share, compared with the S&P Capital IQ consensus estimate of 1 sen per share.

The per-share result swung to a loss from the prior-year profit of 2 sen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 82.2 million ringgits, compared with income of 72.9 million ringgits in the prior-year period.

The normalized profit margin declined to negative 1.8% from 1.8% in the year-earlier period.

Total revenue rose 13.8% year over year to 4.51 billion ringgits from 3.96 billion ringgits, and total operating expenses grew 19.7% year over year to 4.51 billion ringgits from 3.77 billion ringgits.

Reported net income totaled a loss of 139.8 million ringgits, or a loss of 4 sen per share, compared to income of 69.1 million ringgits, or 2 sen per share, in the year-earlier period.

As of Nov. 26, US$1 was equivalent to 4.23 ringgits.