Felda Global Group’s associate company Felda Holdings Bhd posted a slightly less pre-tax profit of RM314 million for the first six months of 2011 compared to RM363 million recorded last year.

However, revenue, improved from RM6.9 billion to RM8.9 billion during the same period.

Meanwhile, in a statement today, Felda Global said as at June 30, 2011, Felda Global Ventures Holdings Sdn Bhd recorded a profit before tax of RM167.8 million, a 25 per cent rise over the RM134 million achieved for the same period last year.

Felda Global Ventures' turnover also rose to RM1.98 billion from RM1.57 billion, previously.

Felda Global’s Group president Sabri Ahmad said he is confident that the Group will meet its profit targets.

"Our upstream operations are recovering well from the adverse effects of the El Nino weather phenomenon, which affected the plantation industry late last year and early this year.

"This is clear from Felda Holdings’ pre-tax profit up to July 31 this year, which increased to RM432 million, better than the RM383 million for the same seven months of last year," he added.

Sabri said that the company is in good stead to deliver another round of solid financial performance for the year.

- Bernama