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MEETING: Annual Profit Decline Due To More Services/Growth: Credit Union GM

MEETING: Annual Profit Decline Due To More Services/Growth: Credit Union GM
General Manager Jone Yabakidrau Koroi
September 24
10:59 2017

The total asset for Fiji Public Service Credit Union stand at $23,052,686.

This was announced yesterday at their annual general meeting held at Kshatriya Hall, Suva.

The Credit Union was able to make a profit of $743,928 in the last financial year. It was a decline compare to $2,832,600 in 2016.

Questions were raised by members on the decline of the profit.

General Manager Jone Yabakidrau Koroi commented saying that the decline resulted from the increase in expenses because of the certain achievements.

These includes the expansion plans, marketing, update of websites and some of the standard that is being set for members satisfactions and it all comes with a cost, he said. 

“It has been a challenging year for the organisation,” Mr Koroi said. 

He emphasised the organisation was there for the members and it was their focus all the time.

“We cannot make everyone happy,” he said.

“We need your support.”

He said that there is willingness to embrace change to better their service.

Dividend of six per cent was approved and interest rate on member savings of six per cent per annum as well.

For the financial highlights of the organisation, chairperson for the board of directors Jowana Tuisuva Koroituinakelo said it has been a challenging year as they embarked on a few investments.

The financial position continues to strengthen specifically the purchase of 100 per cent shareholding in Skaffwork Building Solutions Limited (SBSL), she said.

“This has earned additional income for the credit union.”

The operation of SBSL has been nine months now since its purchase and the total revenue recorded so far was $1.7 million.

“It will get better in years to come and we all look forward to reaping the rewards of our investment,” she said.

Other investments:

Navoli Farm property has been settled after a negotiation the purchase price was $155,000. More than 350 tons of sugarcane was harvested last year amounting to $21,703.25.

“The yield this year is expected to double the tonnage harvested last year,” said Mrs Koroituinakelo.

Wailoku Freehold Properties have also been settled.

A four storey residential apartments is planned to be built at the land.

Two additional floors to be built at Credit Union Towers for office space.

Works are expected to start in the new financial year.

The Fiji Public Service Credit Union has also opened its offices in Labasa and Lautoka.

“The future continues to look brighter for our Credit Union and we need full cooperation and blessings of our members in order to do this,”she said.

“Just like any business, sometimes businesses are good and at times not so good but we learn from our opportunities for improvement and we move.

“This is only possible if we continue to work together reaping the benefits our sacrifices,” concluded Mrs Koroituinakelo.

Fiji Public Service Credit Union now has over 7000 active members.

Meanwhile, there were elections of new board members, Supervisory committee and Credit committee. See box above.

NEW BOARD MEMBERS


Jowana Tuisuva Koroituinakelo
Aporosa Lutunauga
Eliki Masa
Tikiko Vulaca

NEW elected supervisory committee member


Maciu Camaibulu

New elected credit committee member


Ratu Epi Batirerega
Akeneta Raumakita

Feedback:  selita.bolanavanua@fijisun.com.fj

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"I support it 200 percent, I am with FRU, the country and the people of Fiji. We want to bid to get one of the HSBC stops in Fiji."
Waisale Serevi
Sevens Legend
September 2017
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