KUALA LUMPUR (May 28): FGV Holdings Bhd (KL:FGV) posted a net loss of RM13.49 million for the first quarter ended March 31, 2024 versus net profit RM12.09 million in the year-ago quarter, due to reduced profits from almost all divisions.

In a bourse filing on Tuesday, the plantation group said revenue for the quarter dipped to RM4.54 billion from RM4.59 billion a year ago.

Loss per share was 0.37 sen against earnings per share of 0.33 sen previously.

The plantation group did not declare any dividend for the quarter under review.

Reviewing its performance, FGV said the decline in profit was partially mitigated by enhanced performance in the sugar, and oils and fats divisions during the current quarter.

It said the plantation division registered a loss of RM62.14 million compared to a profit of RM58.32 million in the same quarter last year, adding that the loss was mainly due to a significant increase in the fair value charge on land lease agreement, rising to RM86.04 million compared to RM32.16 million in the corresponding quarter of the previous year.

FGV said the oils and fats division registered an increased profit of RM26.65 million, surpassing the RM5.20 million profit from the previous year's corresponding quarter.

It said the increase in profit was attributed to the increased contribution from bulk commodities due to higher margin reported in the current quarter.

At the midday break, FGV gained 0.74% or one sen to RM1.37 with 36,800 shares traded.