Chuping dairy farm project
FGV Holdings Bhd
announced a collaboration with Felcra Bhd and Qatar-based Baladna Food Industries Co on Monday to carry out a feasibility and technical study for the development of an integrated dairy farm business at its former sugar cane plantation in Chuping, Perlis.
Baladna is Qatar’s food and dairy producer, supplying the majority of the country’s fresh dairy products.
FGV said the initial areas of collaboration included doubling the current production of Malaysian fresh milk within two years, creating a 10,000 milking cow farm with an annual production of 100 million litres of milk per year.
The FGV Chuping Agro Valley project was launched in June, as part of the Northern Corridor Economic Region Agriculture Economic Zone.
In May last year, FGV projected the dairy farm project would require an investment of around RM100mil over two years.
Effects of Covid-19
RATING agencies, including Fitch Solutions and S&P Global, have slashed their economic growth forecast for Malaysia amid concerns that the prolonged Covid-19 curbs would worsened the downturn.
Fitch saw zero growth this year after the second quarter gross domestic product (GDP) came in lower than expected.
It said the high level of political risk since the beginning of the second half of 2021, coupled with the worsening pandemic could further affect the performance of the economy.
On Monday, Prime Minister Tan Sri Muhyiddin Yassin and his Cabinet resigned after he lost support from key allies in the Dewan Rakyat.
On Thursday, S&P Global Ratings lowered its growth forecast for Malaysia to 3.2% in 2021 from 4.1% earlier.
The firm pointed out that while strong international trade provided a buffer for growth this year, domestic demand has weakened.
Berjaya Food serves up a winner
STARBUCKS Malaysia operator Berjaya Food Bhd posted better-than-expected results in the final quarter ended June 30, boosting its share price yesterday.
The group’s full year core net profit of RM53.5mil exceeded expectations mainly due to higher sales and operating margins in the fourth quarter of FY21.
Despite the tough operating conditions in the past 12 months, Starbucks added 11 new outlets. New openings are projected to accelerate, in line with pre-pandemic target, as business restrictions started to ease.
Starbucks outlets accounted for about 85% of total group’s sales.