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Future Forests (Fiji) Posts Better Results

Teak plantation company, Future Forests (Fiji) Limited, has reported a net loss of $385,355 for the year ended June 30, 2014. This was an improved result compared to the net
07 Oct 2014 10:25

Teak plantation company, Future Forests (Fiji) Limited, has reported a net loss of $385,355 for the year ended June 30, 2014. This was an improved result compared to the net loss of $1.65 million reported the previous year.

South Pacific Stock Exchange chief executive, Jinita Prasad.

South Pacific Stock Exchange chief executive, Jinita Prasad.

Included in the net loss for 2014 was a gain in fair value of plantations of $366,277 (2013: decrease in fair value of $882,549).

The audited financial statements were released yesterday by the South Pacific Stock Exchange.

The release has seen the stock exchange lifting suspension of trading in Future Forests (Fiji) shares and notes with immediate effect

Trading of the company’s shares and notes had been suspended the past Wednesday because of a delay by the company in releasing its audited financial statements to the market within three months from the end of its financial period.

Stock exchange chief executive, Jinita Prasad, said: “We understand there was extensive work that had to be carried out by the company in assessing its forest inventory which resulted in the delay in finalising and submitting the year end accounts.

“SPSE appreciates the efforts and prompt action taken by Future Forests (Fiji) to address this compliance issue in a timely manner.”

Feedback:  rachnal@fijisun.com.fj

 



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