SUNBIZ

Good Results For Copra Millers

Copra Millers of Fiji Limited’s financial performance has turned around with the company recording an operating profit of $31,576 for the past financial year. This was a positive turn-around from
13 Sep 2014 10:55
Good Results For Copra Millers

Copra Millers of Fiji Limited’s financial performance has turned around with the company recording an operating profit of $31,576 for the past financial year.

This was a positive turn-around from the big loss the previous year which had been caused by external shocks created through the global financial crisis.

The figures were announced during the company’s annual general meeting at The Hot Springs Hotel in Savusavu.

The positive results were attributed to the termination of a crude coconut oil export marketing agreement with a Singapore-based marketing agent towards the end of the year 2012.

Executive chairman, Ilisoni Taoba, said they now handle this responsibility in-house which has shown positive results.

“Our crude coconut oil product is sold in the international market on monthly basis, unlike in the past, resulting in significant improvement to our cash flow position,” he said.

“We also call for expression of interest from potential buyers resulting in better and competitive pricing.

Copra Millers of Fiji Limited is one of the two larger local manufacturers of coconut oil from copra.

Mr Taoba said 96 per cent of the sales were from exports to South-East Asia and four per cent sold locally.

The by-product of copra is coconut meal which is sold locally.

Meanwhile Copra Millers of Fiji Limited plans to diversify into high value products like Virgin Coconut Oil (VCO) and Refined, Bleached and Deodorised (RBD) coconut oil.

“Feasibility study on the product diversification plan is in progress and we expect to receive the report in September 2014,” Mr Taoba said.

Feedback:  peni.drauna@fijisun.com.fj

 



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