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Credit Corporation Profit Rebounds

Fiji remains in a strong position to weather the impacts of its situation given its well capitalised with a comfortable liquidity position. The comment from Credit Corporation (PNG) was made
16 Sep 2021 10:00
Credit Corporation Profit Rebounds

Fiji remains in a strong position to weather the impacts of its situation given its well capitalised with a comfortable liquidity position.

The comment from Credit Corporation (PNG) was made in its preliminary final report for the financial half year that ended on June 30, 2021.

The credit institution is the parent body of Credit Corporation (Fiji) Limited.

“In its revised growth projections for 2020-2023, the Reserve Bank of Fiji stated the localised lockdowns in Viti Levu, restrictions on certain economic activity and movement of people, and the mandatory ‘COVID19-safe’ operational requirements for many businesses have impacted economic activity and increased the cost of doing business,” the report said.

Credit Corporation Fiji’s profit after tax was a modest F$1.24 million for the period, with net loan receivables down F$13.67 million or 11 per cent compared to its corresponding period in 2020.

 

New product
In the meantime, Credit Corporation PNG is offering a new product.

Serviced units have been introduced to the market for long term stay of over one year, and short term accommodation of over two months to 12 months occupancy, the report said.

The move aims to link the company into the growing market fueled by the influx of aid agencies, as Papua New Guinea begins recovery following the pandemic.

“This market is also positioning Era Dorina and Era Matana for the future with projected mineral and gas project expansions in PNG,” the report said.

“To date, this new offering has seen positive growth in filling a proportion of the lost market from the departure of COVID 19 impacted tenants.

“Potential exists to target customers seeking to switch tenancies to benefit from service levels provided at Era Dorina and Era Matana properties, and the division is tailoring marketing campaigns to entice these customers.”

Interim Chief Executive Officer, Danny Robinson: “We are refreshing our strategic priorities to ensure we continue to build on our strong foundations and position us for the future.

“This is refining and refocusing our priorities will enable the business to focus on the new challenges and opportunities ahead.”

 

Feedback: frederica.elbourne@fijisun.com.fj



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