SUNBIZ

Copra Millers Record $178k Profit

Copra Millers Fiji Limited has recorded a profit of $178,000 after incurring losses for the past two years. This was confirmed by the company board chair­man, Raj Sharma. Mr Sharma
09 Dec 2018 12:43
Copra Millers Record $178k Profit
From left: Copra Millers Fiji Limited accountant Veenal Kumar, general manager John Deo, Board chairman Raj Sharma and site manager Ashok Kular at Copra Millers Savusavu on December 7, 2018. Photo: Yogesh Chandra

Copra Millers Fiji Limited has recorded a profit of $178,000 after incurring losses for the past two years.

This was confirmed by the company board chair­man, Raj Sharma.

Mr Sharma said that the 2017 financial year had seen a deficit of $162, 293 compared to the deficit in the 2016 finan­cial year of $458, 843.

“We are now moving from the deficit and we expect the profitability to increase as well,” he said.

“With continuous research and development, the firm has been able to optimise production in order to yield best re­turns.

“We are continually looking at developing our capital equipment,” he said.

He stated that they had also been looking at making a shed for drying copra which is expected to cost around $100,000.

“We are also looking at purchasing a hot air dryer which will cost around $70, 000,” said Mr Sharma.

In addition to that, he said that plans were also in place to purchase dehusking machines which are expected to cost around $40,000.

He said that the major foreign market for its product was Malaysia. However the recent decrease in the world market price seemed to have affected its operations.

“The world market price of oil decreased from US$1500 (FJ$3,170) to US $1000 (FJ$2,113) per metric tonne,” he said.

“Despite this, we have managed to attain a profit this year,” he said.

He said that the local demand for virgin coconut oil had increased as well.

The company’s annual general meeting has been deferred to December 22.

Feedback: yogesh.chandra@fijisun.com.fj

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