KUALA LUMPUR : Malaysian palm oil planter FGV Holdings on Monday reported a smaller fourth quarter profit and said it will compensate its foreign workers who paid recruitment fees to secure jobs. The world's largest crude palm oil producing company reported a net profit of 337.7 million ringgit ($75.48 mi
KUALA LUMPUR : Malaysian palm oil planter FGV Holdings on Monday reported a smaller fourth quarter profit and said it will compensate its foreign workers who paid recruitment fees to secure jobs.
FGV in a bourse filing said the lower profits were partly due to higher manuring, upkeep and maintenance costs."The plantation sector will continue to improve its operations through mechanisation, replanting programmes and implementing cost optimisation initiatives to manage rising operational costs and energy prices," the firm said.
The firm said it would set aside 111.64 million ringgit to compensate current and former foreign workers who paid recruitment fees to secure jobs.
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