$2.92m profit for company

COMMUNICATIONS (Fiji) Ltd (CFL) and Subsidiary on Wednesday released its audited accounts for the year ended December 31, 2017 showing a net after tax profit of $2,922,934.

This was a marked improvement when compared with the $1.33 million loss recorded for the year 2016, however the 2016 loss had included an impairment loss on joint venture amounting to ($1.52m) coupled with the share of loss from the company’s joint venture in Paradise Cinemas PNG of ($652,672).

The marked improvement in profits was also helped by the decrease in other expenses of around $700,000 during the year.

The company’s retained earnings increased from $6.71m in 2016 to $7.75m in 2017, an increase of more than $1m.

While the CFL’s net assets grew by around $700,000 to $10.85m during the year the marked improvement in its bottom line had improved the earnings per share from ($0.37) to $0.82.