The Felda logo is seen at its headquarters in Kuala Lumpur December 28, 2016. — Picture by Yusof Mat Isa

KUALA LUMPUR, Feb 28 — FGV Holdings Bhd (formerly Felda Global Ventures) booked a net loss of RM1.08 billion in the financial year ending December 31, 2018, it said in a Bursa Malaysia filing today.

FGV had recorded a net profit of RM403 million in the 2017 financial year.

The firm attributed the decline to impairments and provisions, and to the 24.6 per cent decline in crude palm oil prices vis-a-vis 2017.

“In the fourth quarter, the plantation operations were focused on plugging leaks, revising processes and implementing new controls to bring our estate performance in line with other large players in the industry,” FGV group chief executive Datuk Haris Fadzilah Hassan said.

“Some of these initiatives are already starting to bear fruit, but the improvements will be more visible in 2019.”

The result equates to a RM29.60 loss per share for the 2018 financial year.

Feldal Global Ventures was previously the investment arm of the Federal Land Authority (Felda) and was made publicly listed in 2012 under a controversial initiative by former prime minister Datuk Seri Najib Razak.

The move was meant to generate sustainable income for Felda and its settlers but FGV shares are now trading at a fraction of their initial public offering (IPO) value.