Felda Global Ventures, the world's third-largest palm plantation operator, reported a 35 per cent rise in second-quarter earnings, supported by stronger crude palm oil production following moves to boost fruit yields.
The Malaysian firm's net profit rose to RM62.2 million (S$21 million) in the quarter ended June from RM46.1 million in the same period last year.
Revenue eased slightly to RM4.14 billion from RM4.19 billion the previous year.
"Rising commodity prices have provided optimism to the plantation's earnings outlook and we are in a good position to take advantage of the general tightness in supply," Felda Global chief executive Zakaria Arshad said in a statement.
Palm oil output is facing a production squeeze this year due to the ongoing effects of a crop damaging El Nino weather event, which brings hot, dry weather to Southeast Asia and lowers fruit yields.
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The Malaysian firm's net profit rose to RM62.2 million (S$21 million) in the quarter ended June from RM46.1 million in the same period last year.
Revenue eased slightly to RM4.14 billion from RM4.19 billion the previous year.
"Rising commodity prices have provided optimism to the plantation's earnings outlook and we are in a good position to take advantage of the general tightness in supply," Felda Global chief executive Zakaria Arshad said in a statement.
Palm oil output is facing a production squeeze this year due to the ongoing effects of a crop damaging El Nino weather event, which brings hot, dry weather to Southeast Asia and lowers fruit yields.
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