Fiji Time: 7:08 PM on Saturday 29 November

Fiji Times Logo

/ Front page / Business

$5.03m wood

Timoci Vula
Thursday, November 08, 2012

EXACTLY 14 days before it celebrates its first birthday on the South Pacific Stock Exchange (SPSE), teak producers Future Forests (Fiji) Ltd (FFF) has released its first annual report since becoming a public-listed company.

The report highlighted, not only growth in the value of teak, but it has also indicated its will to expand, with finalised plans already to begin saw milling operations.

Its report, for the 2011 to 2012 financial year, released by the SPSE yesterday, revealed that teak plantations was valued at $5.03 million as at June 30 this year, compared to $3.11m for last year. Report highlights noted that unrealised profit for the year in review at $951,270.

The report highlighted that at the initial public offer (IPO), FFF had raised $1.84m new capital from the sale of ordinary shares and convertible notes.

FFF chairman Kaliopate Tavola said after placing future interest payments on the convertible notes in term deposits, the net proceeds from the IPO was $1.35m.

Mr Tavola said although the IPO raised significant new capital to be applied to establishing new plantations and managing existing plantations, it fell short of the minimum IPO target of $4m.

As a result, he said they had to initiate a project to continue capital raising after the IPO was completed.

He said the board was restructured to create an independent board of directors with a range of professional expertise.

"In the 2011-2012 financial year, new teak plantations were established, significant planting land secured, the nursery saw further improvements and FFF teak wood product prototypes manufactured," Mr Tavola said, and adding that this had set the platform for the company's future development.





Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Today's Most Read Stories

  1. In the hot seat
  2. Tuqiri leaves Rabbitohs as champion
  3. E-ticketing under scrutiny
  4. The way forward for Fiji players
  5. 7s team adapts well in Dubai
  6. Biman stays
  7. $60m profit outlook
  8. Glamorous fundraiser
  9. Heroes give emergency response equipment
  10. Sewing machines to help women

Top Stories this Week

  1. Couple return to Fiji after almost a decade Wednesday (26 Nov)
  2. Deal on NZ jobs Monday (24 Nov)
  3. Stop the bickering Tuesday (25 Nov)
  4. No regrets Tuesday (25 Nov)
  5. Indecent jokes warning Wednesday (26 Nov)
  6. President Xi leaves impression on leaders Monday (24 Nov)
  7. Jail terms for former Post Fiji executives Monday (24 Nov)
  8. LTA fires corrupt 4 Thursday (27 Nov)
  9. Speaker changes her tune Friday (28 Nov)
  10. Man behind the change Wednesday (26 Nov)