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PAFCO Posts $1.9m Profit

PAFCO Posts $1.9m Profit
Sigatoka Methodist College debutante Jone Foraete, the winner of the Fiji Fashion Student Designer of the Year Award.
September 09
08:42 2014

Pacific Fishing Company Limited has made a recovery posting profit before tax of $1.9 million after three years of operating on a loss.

The results reflect the financial year ending December 2013 announced during the cannery company’s annual general meeting at its Laucala Beach office yesterday.

The company’s last profit post was in 2009 with $2.7 million. In 2010 it posted $1.4 million loss and then $3.4 million in 2011. In 2012, it posted a loss of $1.68 million. The hefty loss in 2011 was mainly due to its shut down for six months because of non-compliance issues.

PAFCO chairman, Ikbal Jannif said the recovery was due to efficient management and a more focused performance by the board and the management team.

“It’s a very pleasing result from the point of view of the management and the point of view of the and board,” Mr Jannif said.

The meeting held behind closed doors included shareholders and company staff members. The Government-owned tuna cannery’s main operations are in Levuka, Ovalau.

The main agenda was the appointment of the board and announcement of financials of the company and the way forward, Mr Jannif highlighted.

Board members are chairman, Mr Jannif, and directors, Bupendra Kumar and Ratu Etonia Seru.

“One of the challenges in the industry is the slowdown of tuna in the first half of the year. It’s not only for PAFCO. This is an international trend,” Mr Jannif said.

“This then puts pressure on PAFCO as a processing plant in the second half of the year when we have to catch up with all production we’ve lost in first half.

“The challenge for PAFCO now is to make sure that we have sufficient storage facility to allow us to purchase fish.”

Plans for upgrade and proposals and moving forward are now being formulated and would be made public in due time.

Also, shareholders do not get dividend as this would be used to cater for the immediate needs of the company in terms of repair and other benefits of efficiencies, Mr Jannif added.

“Some of it (profit) would be utilised in terms of the upgrade and we have prepared proposals on the way forward and the proposals are being discussed at the moment,” Mr Jannif said.

Mr Jannif said the financials and the positive outlook of the company further strengthens its relationship with American-based cannery and sea food processor,  Bumble Bee LLC.

As far as union issues were concerned, Mr Jannif said there was no issues highlighted as workers were given fair wages and more than was mandated in labour laws.

He added, the company was here to stay and would not shut down, drowning some views that it was on the verge of shutting down during it financial loss period.

The company balance sheet value is $29.5 million.

Feedback:  ranobab@fijisun.com.fj

 

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