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Future Forests optimistic despite piling losses in first six months of financial year

  Despite reporting further losses for its six monthly performance, Future Forests (Fiji) Limited remains confident for the second half of the year. It recorded a net loss of $284,671
05 Mar 2016 10:30
Future Forests optimistic despite piling losses in first six months of financial year

 

Despite reporting further losses for its six monthly performance, Future Forests (Fiji) Limited remains confident for the second half of the year.

It recorded a net loss of $284,671 for the six months ended December 31, 2015 as compared to a net loss of $160,986 for the corresponding period the previous year.

The company estimated that Teak seedlings worth $500,000 will be delivered between January and June this resulting in much improved trading results for the year ending June 30, 2016 relative to the same period the past year.

All efforts were focused on propagating Teak tree seedlings for the Reforest Fiji project funded by the European Union.

The Reforest Fiji project will see SPC acquiring Teak seedlings from Future Forests’ seedlings for the establishment of plantations, woodlots and orchards in Fiji.

The seedlings will be grown in the expanded existing Future Forests Fiji nursery site thereby making use of current nursery infrastructure.

The reforestation initiative will see FFF supplying over $1.6 million worth of Team seedlings to the Reforestation project in the first two years of the programme

During the financial reporting period under review, the company had continued to receive good support from its secured creditor, Fiji Development Bank and its founding directors and shareholders.

Edited by: RACHNA LAL

Feedback:  rachnal@fijisun.com.fj

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