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Khan; Right Man For Pine’s Remarkable Turnaround

Faiz Khan, the executive chairman of Fiji Pine Group of Companies, has proven once again why he is the right person to head yet another of our state-owned enterprises. The
30 May 2016 08:50
Khan; Right Man For Pine’s Remarkable Turnaround
Editorial

Faiz Khan, the executive chairman of Fiji Pine Group of Companies, has proven once again why he is the right person to head yet another of our state-owned enterprises.

The group has just announced its record breaking audited financials for the year ending 2015.

It made record operating profit before tax of $24.2million, in comparison to $21.2m for the year ending 2014.

Mr Khan, who has been at the helm of leadership of the company for the past five years, has played a crucial role in achieving this along with his team.

They have come from recording $4.5m loss in 2010 to this record profit in 2015 which is indeed quite a big achievement.

So what has happened as per the financial indicators, an insolvent loss-making group of companies has been turned around to financial strength and that too a remarkable turnaround.

The achievement has been attributed to the hardwork and tireless efforts of the team of the Fiji Pine Group, their family and friends as well.

Of course the profits is good news to landowners as well given that they can once again expect big security bonus payments.

But they are not getting complacent about this achievement and continue to think sustainably.

“Whilst it is important to keep stock of where we were five years ago, we keep focussing on the future challenges,” Mr Khan said.

Focus now is on rebuilding the long-term sustainability of the pine industry for our landowners.

The company is playing a lot of catch up in the forest for the neglect in planting from 2000 until 2010.

The drought of the past two years and effects of the Tropical Cyclone Winston has not helped in the replanting efforts either.

But increasing devastating effects of natural disasters is now a reality and beyond anyone’s control and thus there is not much the group can do to control the impact.

However, it can work on replanting efforts and continue to invest to be able to help the landowners generate more income as well as the Government.

The estimated losses from drought over the last two years was about $3m while the estimated losses from the cyclone this year is about $2m.

Mr Khan said they now focus on replanting, efficiencies, productivity, sustainable relationships etc.

A major investment in the Pine Group’s Drasa Sawmill in Lautoka is expected to assist in its efforts to build a sustainable sector for the years to come.

Prime Minister Voreqe Bainimarama will open the factory sometime in June with total works expected to be completed by October. The PM will no doubt have praise for Mr Khan. Much deserved.

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