Fiji Rice Limited presented its financial reports for 2013 to 2017, more than a decade after its last annual general meeting.

The reports were tabled at the company’s annual general meeting (AGM) in Labasa, on March 6, 2021.

The AGM, the second since 2009, addressed the reports for the period 2013 to 2017.

Fiji Rice, a wholly owned Government company, is expected to convene its next AGM in June, where the financial reports for 2018, 2019 and 2020 will be presented.

Company general manager, Ashrit Pratap, said delay was owed to the backlog that dated back to 2009.

He said the audited accounts for the past few years were not in order.

It took the company years to put the records in order, he said.

Profit
Mr Pratap said the agenda of the recent AGM was to present the accounts to Government as the only shareholder, and highlight achievements of past years.

Fiji Rice has continued to make a profit, despite the losses recorded between 2013 to 2015, Mr Pratap said.

Records
According to Fiji Rice, the company in:
–  2013 -recorded a loss of $268,000.
–  2014- recorded a loss of $311,000.
–  2015- recorded a loss of $318,000.
– 2016- made a profit of $100,000.
–  2017- made a profit of $289,000.
–  2018- made a profit of $386,000.
–  2019- made a profit of $183,000.
–  2020- the unaudited account of the financial year shows the company is still making a profit of $221,000.

Mill maintenance and insufficient supply of rice were reasons behind losses recorded in between 2013 and 2015.

In 2016, Government subsidies and the standard rice price of $700 t0 $800 per tonne, enabled a profit for the company.

Challenges
Mr Pratap said the company was facing challenges in paddy supply after two cyclones in recent months.

The company aims to rebuild the sector by planting more rice, after farms in Dreketi were submerged in flood waters following TC Ana.

In the meantime, the company is expected to introduce rice flour.

Board chairman, Raj Sharma, was appointed in 2015.

From 2009 to 2015, Inia Seruiratu, now Minister for Defence, was chairman at Fiji Rice.

Fiji Rice was established as Rewa Rice Limited in the 1960s, to employ the jobless, following the closure of the Colonial Sugar Refinery.

Feedback: maraia.vula@fijisun.com.fj