Felda Global Ventures (FGV) has turned its fortune around in the second quarter of 2017, recording a profit before tax (PBT) of RM87 million.

This is compared to the loss of RM31 million in the first quarter of 2017.

"FGV recorded a PBT of RM87 million for the second quarter ended June 30, 2017, a reversal from a loss of RM31 million in the preceding quarter," FGV's officer-in-charge Khairil Anuar Aziz announced at a press conference at Menara Felda today.

This puts FGV's total PBT for the first half of 2017 at RM56 million, an increase of 33 percent of its PBT in the corresponding period last year.

The improved performance is due to the higher contribution from its plantation sector and its logistics and other sectors, Khairil explained.

However, he said, this positive result was partly offset by losses incurred in the sugar sector caused by higher raw sugar costs, among other reasons.

The group, he said, would continue its efforts to consolidate the by-products business as part of "waste to wealth", such as palm kernel shell (PKS), sludge oil, biomass and biogas.

FGV is expecting an additional revenue of more than RM60 million per annum from the export and local markets.

Khairil said FGV intends to remain focused on improving its core business performance.

As such, FGV will be divesting its non-core businesses, he said.

The main non-core business that it is currently focusing on divesting is the shares in AXA Affin.

"We would like to sell all 16 percent of our share holdings (in AXA Affin).

"There are some regulations we have to follow and Bank Negara Malaysia is looking into the approvals.

"We expect to conclude (the sale) before the end of this year," Khairil said.