FGV shares up after Q4 earnings announcement

PETALING JAYA: Felda Global Ventures Holdings Bhd’s (FGV) share price rose 1.51% this morning despite posting a 31.9% drop in its net profit for the fourth quarter ended Dec 31, 2017 to RM76.57 million from RM112.46 million in the previous corresponding quarter, mainly due to the land lease agreement adjustments.
As at 11.03am, FGV’s share price stood at RM2.02 with 2.62 million shares changing hands.
Revenue for the quarter decreased 17% to RM4.28 billion, compared with RM5.15 billion in the same period in 2016.
However, FGV's net profit jumped more than four fold to RM143.7 million for the full year, from RM31.5 million a year ago, attributed to a strong performance from plantation and logistics and others sectors. Revenue dropped marginally by 1.5% to RM16.97 billion, against RM17.2 billion previously.