SUNBIZ

Fiji TV Six-Monthly Post Tax Profit Up 75%

Fiji Television Limited has recorded a turnaround in its financial performance looking at its past 12 months performance. It recorded a revenue of $5.1 million for the first six months
17 Feb 2016 12:15
Fiji TV Six-Monthly Post Tax Profit Up 75%
Fiji TV

Fiji Television Limited has recorded a turnaround in its financial performance looking at its past 12 months performance.

It recorded a revenue of $5.1 million for the first six months of 2016 financial year ended December 31, 2015, a 29 per cent increase compared to the same period the previous year.

It also recorded a post-tax profit of $2.4 million for the six month ended December 31, 2015 compared to $0.6 million made for the same period the previous year.

This substantial profit for Fiji TV results from accounting adjustments made to its discontinued operations being Media Niugini Limited and SKY Pacific which contributed a Net Profit After Tax of $1.3 million.

The sale of Media Niugini Limited was concluded on January 29, 2016 while the sale of SKY Pacific is in progress.

Fiji TV chief executive, Geoffrey Smith, said: “It’s the team work that assisted the company perform better than what it budgeted. Cost reduction too contributed significantly.”

 

Feedback:  rachnal@fijisun.com.fj



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