SUNBIZ

Paradise Brew House Launch Tomorrow

Paradise Beverages (Fiji) Limited is gearing up for the official launch of its new $18 million Brew House in Walu Bay, Suva, which will be held tomorrow. Prime Minister Voreqe
23 Apr 2015 09:14
Paradise Brew House Launch Tomorrow
Paradise beverages 12-month Financial results ended december 31, 2014

Paradise Beverages (Fiji) Limited is gearing up for the official launch of its new $18 million Brew House in Walu Bay, Suva, which will be held tomorrow.

Prime Minister Voreqe Bainimarama will be the chief guest for the event and will be joined by top executives of the company for this occasion.

The Brew House is part of the company’s $44 million three-year major capital investment plan which was set in 2012.

As of December 31, $23.6 million had been invested, according to the company’s 2014 Annual Report released this week by the South Pacific Stock Exchange.

Paradise Beverages chairman, George Forster, said taken together, the $44 million investment represents the largest business transformation in the company’s 58-year history.

He said this reinforced the confidence the board has in the company’s future.

Financial performance

The Coca-Cola Amatil majority-owned Paradise Beverages’ business performance has been labelled as pleasing with strong growth in beer and alcoholic ready to drink volumes.

The profit after income tax was $10.1 million for the 12 month period ended 2014, as compared to $9.7 million for the prior 18 month reporting period.

However, subsidiary Samoa Breweries Limited recorded a loss of $0.2 million for the 12-month period compared to $1 million profit the previous 18-month period.

Investments $4.5 million
– Wooden barrels and barrel storage areas at the distillery ensuring maximum possible rum production
– An upgrade to the stills at the distillery
– New keg cleaner and filler for Suva
– Additional kegs and draught beer dispensing systems for Fiji

Moving on

Mr Forster said moving forward the main focus of the company for growth will be to unlock the potential of export markets for beer, including Vonu, and Rum under the Bounty and Fiji Rum Co brands.

“The company will also continue to drive the capital investment programme that will provide the essential plant and equipment upgrades needed to improve our business efficiencies and capability,” he said.

“The business outlook for 2015 and beyond will largely be determined by the ongoing recovery in global markets and continued growth in the Fijian economy.”




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