SUNBIZ

FSC Records $15m Profit In Three Years

The Fiji Sugar Corporation recorded $15.004 million profit from 2012 to 2014. This was revealed during the FSC’s annual general meeting yesterday in Lautoka which was the first in the
28 May 2015 09:34
FSC Records $15m Profit In Three Years
FSC Executive chairman Abdul Khan.

The Fiji Sugar Corporation recorded $15.004 million profit from 2012 to 2014.

This was revealed during the FSC’s annual general meeting yesterday in Lautoka which was the first in the previous years.

The results were a profit of $1.804 million in 2012, $6.254 million in 2013 and $6.946 million in 2014.

Executive chairman Abdul Khan clarified that they did not hold two of their annual general meetings on the basis that they did not wish to jeopardise their shareholders position.

This was for the financial year ending 2012 and 2013.

Mr Khan said: “And the main reason in summary is we went through some turbulent times. As you know the industry was not in a good shape.

“There was a lot of talk of divestment, there was a lot of talks on share buy backs etc.

“What we wanted to ensure is not release any commercially-sensitive information that may jeopardise or compromise the position of the shareholders.

“So for that reason we held that back until now where we feel a lot better so we’re in a better position and are able to then release the information for all those three years.

“And the shareholders were quite comfortable with that as well.”

Government is the biggest shareholder of Fiji Sugar Corporation with 68 per cent shares.

It is followed by the Fiji National Provident Fund and Fijian Holdings Limited as the second and third largest shareholders.

Mr Khan said: “One of the things that we need to explain to the shareholders or the rationale for holding the annual general meeting and not holding one for the 2012 and 2013 financial year as well.

Meanwhile the new board members are Arvin Singh, Joseph Roden and Tevita Kuruvakadua. Alipate Qetaki and Jitendra Singh have retired.

Moving forward the challenge now for Fiji Sugar was ensuring it received the maximum price for raw sugar as the European Union quota ends in 2017.

Mr Khan said they were looking at markets like the United States, Korea, in the Middle East as well as Japan to seek opportunities.

Currently it already has quota with the United States and has sold sugar to Korea too.

“So we’ll continue to do that. That’ll be our challenge going forward,” he added.

In other developments, Mr Khan noted: “Looking at the other side in terms of revenue management-we’re looking at cogeneration, ethanol and the refinery, together with our packaging plant as well.

“So putting those things together and what we’re doing is adding value to the raw material that is sugarcane.

Cogeneration

“We’ve done a lot of work behind the scenes. We’ve done the feasibility studies. All the contractual documents are now ready to go out as well.

“The only thing that’s holding us up at the moment is reaching financial close. In other words is having all the funds available and for us to be ready and make a physical start on site.”

Feedback:  waisean@fijisun.com.fj

 




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