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FHL Group Records Over 12% Growth In Profit In First Quarter

Fijian Holdings Group has recorded a 12 per cent growth in its profits for the three months ended September 30, 2016. The Group’s post-tax profit for three months stood at
09 Nov 2016 11:00
FHL Group Records Over 12% Growth In Profit In First Quarter
FHL Group chief executive, Nouzab Fareed.

Fijian Holdings Group has recorded a 12 per cent growth in its profits for the three months ended September 30, 2016.

The Group’s post-tax profit for three months stood at $6.2 million compared to $5.5 million achieved in the same period last year.

FHL Group chairman, Iowane Naiveli, said Group Companies are continuing with strong performance as reported in the past financial year.

He further added the companies performed well due to a conducive economic environment.

Mr Naiveli is confident the Group performance is on track to meet the budgeted target for the financial year 2016/2017.

Group revenue has increased by nine per cent compared to September 2015 results.

The cash position for the Group has significantly improved in comparison to the 2015 results due to strong performance by subsidiaries in the last financial year.

In consistency with last audited accounts, the “held to maturity assets” for group accounts have been reclassified to “Loans, advance and receivables”.

Moreover, the increase in available-for-sale assets is due to year-end revaluation of investments when compared to the same period last financial year.

As at September 30, 2016, Group assets stands at $481 million while shareholders’ funds has reached $224 million.

 

The next nine months

FHL Group chief executive, Nouzab Fareed, said the results were a reflection that economic activities are on a high scale.

While the group is expecting the second quarter to be usual – in the sense normal – it is however, expecting the last two quarters to be quite happening.

“Also at this stage, we are confident we will do better than the previous year in terms of financial performance,” Mr Fareed said.

How do they hope to achieve this? The businesses within the portfolio will be expanding. For instance five new cinemas will be added by Life Cinemas by January.

There will be two cinemas in TappooCity Lautoka and further add in the Rups development in Nakasi.

Also by April, FHL Group is expecting to add its new day cruise destination with the introduction of Malamala Island by South Sea Cruises.

 

 

Feedback:  rachnal@fijisun.com.fj

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