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Increased Half-Yearly Profits By RB Patel

Increased Half-Yearly Profits By RB Patel
January 29
09:55 2016

RB Patel Group Limited has posted a 10.6 per cent increase in profits for its half year ended December 31, 2015.

It posted profit after income tax expense for the current year as around $3.2 million compared to the past year’s result of around $2.9 million.

The company’s revenue including other income increased to $57 million from $55 million the past year, an increase of almost 3.7 per cent.

Board chairman, Iowane Naiveli, said: “The results are very encouraging given the general economic and financial conditions.

“The company’s performance will also provide confidence to shareholders when the result is considered against the backdrop of the competitive nature of the industry and it’s mostly price driven strategies.”

Mr Naiveli welcomed the removal of items from VAT exemption saying it will now provide a level playing field for all involved in the industry.

“There has, however, been an increase in compliance costs and requirements that are likely to affect the general business sentiment in Fiji,” he said.

Meanwhile, the RB Patel Group announces an Interim Dividend of four cents per share to be paid on February 25, 2016.

 

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