Vision Investments Limited made a profit after tax of $15.7million, on revenue of $181.6m.

The announcement was made at the annual general meeting at Vision Motors, Vatuwaqa, yesterday.

Chairman Dilip Khatri said the results cannot be directly compared with the previous year, as the previous year had a significant one-off benefit of additional revenue.

“The operating year also experienced a general decline in consumer demand,” Mr Khatri said.

“We had to consider the post balance sheet development, as required under the accounting standards and consequently.

“Additional provisions were made in the accounts for bad debts, relating to our hire purchase customers impacted by the economic crisis.”

Taking these matters into consideration, Mr Khatri said he was happy with the operating results achieved by the Group.

PNG subsidiary

Mr Khatri said: “The Papua New Guinea business is important to us as it helps us maintain some very important agencies.

“We also believe it is strategically important to maintain a trading presence in one of the largest economies in the region.”

Business restructure

Vision Investments will re-structure business in 2021 to achieve a positive trading result in the short term.

This will enable the business to rebound when the PNG economy picks up, Mr Khatri said.

“In the new year, the economic crisis brought upon by the COVID-19 pandemic posed operating challenges to the group,” he said.

“Uncertainty as to when the crisis may end, adds another dimension to the challenge.

“The group responded quickly and has implemented measures to maintain some level of operating profitability and preserve cash.

New independent director

Independent directors were also announced for another three years term.

On March 1, 2020, independent director, Carina Hull, resigned her position due to personal commitments.

Mr Khatri said the board appointed Jenny Seeto as an independent director of the company effective the same date.

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