Business

Rice company sales up 53%

By RACHNA LAL Importation of white rice is still a competitive business with relatively low margins, says the chairman of the Rice Company of Fiji Limited, Hari Punja. Nevertheless, Mr
02 Oct 2012 08:33

By RACHNA LAL

Importation of white rice is still a competitive business with relatively low margins, says the chairman of the Rice Company of Fiji Limited, Hari Punja.
Nevertheless, Mr Punja has assured the company’s shareholders that they hoped to shoulder competition effectively and maintain current level of volumes in the coming year.
His comments were backed in the company’s 2012 Annual Report released by the South Pacific Stock Exchange yesterday.
The Rice Company of Fiji’s sales revenue grew significantly by 53 per cent for the financial year ended June 30, 2012 compared to the previous year – from about $12.3 million to about $18.8m.
The company’s profit after tax also increased from $985,318 the previous year to $1.56m this year.
As far as the Rice Company of Fiji’s outlook is concerned, Mr Punja said: “Based on recent market reports, we do not expect much volatility in the international price of rice during the ensuing year.”
The principal activity of the company during the year was that of importing bulk rice as a finished good and repacking and selling in different pack sizes.
The Rice Company of Fiji is a subsidiary of FMF Foods Limited.




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