SUNBIZ

Future Forests Announces A Net Profit Of $25,063

Future Forests (Fiji) Limited (FFF) recorded a net profit of $25,063 as compared to a net loss of $140,115 for the same period in the previous financial year. The company
31 Oct 2016 13:02
Future Forests Announces A Net Profit Of $25,063
Future Forests Fiji

Future Forests (Fiji) Limited (FFF) recorded a net profit of $25,063 as compared to a net loss of $140,115 for the same period in the previous financial year.

The company announced their trading results for the three months ended 30 September 2016.

A private placement was approved by a FFF EGM in June 2016 and new equity was raised to repair the nursery facility to recommence seedling production, settle trade creditors and recommence loan repayments.

During the three months period ended 30 September 2016, the company partially rebuilt the nursery facility in Ra.

This was damaged by Tropical Cyclone Winston and was able to secure a number of pine woodlots for harvesting and sawmilling.

The company is fulfilling a previous contract and a new contract with the SPC Reforest Fiji project to supply seedlings.

As a result of TC Winston the company fully wrote down the existing teak plantations

The company is gradually recovering from the impact of Tropical Cyclone Winston.

It is projected to be fully operational again before 31 December 2016.

 

 

Feedback:  rachnal@fijisun.com.fj

Fijisun E-edition
Advertise with fijisun
Subscribe-to-Newspaper
Fiji Sun Instagram
Fiji Plus
Subscribe-to-Newspaper
error: