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7.2pc income growth

Ropate Valemei
Monday, December 10, 2012

THE Fiji National Provident Fund (FNPF) has highlighted a steady growth in its investment income from $238.8million last year to $249.9million this year.

This, it said represented a 7.2 per cent return on investment (ROI). FNPF chief executive officer Aisake Taito, in the fund's 2012 annual report, noted the increase in the fund's offshore investments to $212.3million from $114.4million as they continued diversification of the investment portfolio.

"A 4.5 per cent growth in the contributions to $317.3million, reflecting strong enforcement and compliance. This however, was offset by total withdrawals of $318.2million resulting in a negative net contribution of $0.9million," Mr Taito said.

He said a loan of $145.7million advanced to Air Pacific was a strategic initiative to add-value to their investment in the tourism industry. "The fund, in partnership with NASFUND and Lamana Hotels of Papua New Guinea, commenced the re-development of the Grand Pacific Hotel, which is scheduled to open at the end of 2013," Mr Taito said.

He said the opening of the new Namaka office in Nadi would meet the growing demand of the members. He said despite the challenges faced and lump sum payment of $126.7million to pensioners, the fund recorded a net surplus of $115.6 million.


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