SUNBIZ

FHL Revenue And Profit Up

Fijian Holdings Limited has yet again made a record in terms of performance for the year ending June 30, 2014. The South Pacific Stock Exchange-listed company announced an 18 per
10 Sep 2014 10:19
FHL Revenue And Profit Up

Fijian Holdings Limited has yet again made a record in terms of performance for the year ending June 30, 2014.

The South Pacific Stock Exchange-listed company announced an 18 per cent growth in consolidated revenue while pre-tax profit was improved by 21 per cent for this period.

Fijian Holdings confirmed its audited consolidated group revenue for 12 month period ending June 30, 2014 amounted to $272 million compared to $230 million recorded the same period last year.

Consolidated pre-tax profit amounted to $23.6 million for the 12 months reflecting a growth of 21 per cent from the previous year.

The holding company reported a pre-tax profit of $10.89 million compared to pre-tax earnings of $9.89 million the previous year.

The holding company further recorded revenue of $19.46 million compared to revenue of $19.34 million.

This also indicated better management of cost during the financial year.

FHL Group chairman, Iowane Naiveli, said: “The results have reflected hard work of the management team during challenging times. We are optimistic of the growth in the years ahead.”

Group chief executive, Nouzab Fareed, said: “We have done well but we still got a few companies to turnaround.

“Strategising the future of Fiji Television Limited and PNG-based Basic Industries (PNG) Limited would be next challenge.”

Subsidiary contributions

RB Patel Group continued to be the biggest revenue contributor to the group with a revenue share of 34 per cent.

It was followed by Basic Industries Limited (13 per cent), Fiji TV (12 per cent), South Sea Cruises Limited (12 per cent) and Pacific Cement Limited (11 per cent).

In contrast, Merchant Finance, with lower revenue, contributed the highest pre-tax profit to the group with a share of 25 per cent followed by RB Patel Group with 15 per cent.

Fijian Holdings Limited is one of the largest conglomerate in the country with 15 subsidiaries in Fiji and in the region including PNG, Samoa and Solomon Islands.

It is also the holding company of two listed companies namely RB Patel Group and Fiji Television Limited.

Feedback:  rachnal@fijisun.com.fj

 




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