Fiji Time: 1:17 AM on Monday 26 January

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Fund nets profit

Ropate Valemei
Wednesday, January 02, 2013

FIJI'S investment environment continues to pose a challenge for subsidiary companies of the Fiji National Provident Fund despite the improved performance in 2012.

In the fund's 2012 annual report, Amalgamated Telecom Holdings (ATH) acquisition of Fiji International Telecommunication Limited (FINTEL) for $18.6million was the highlight of the year.

"Vodafone Fiji Limited continued to perform well in a competitive environment with Telecom Fiji Limited still facing some operational issues due to the deregulation of the telecommunication industry," the report said.

"Overall, the group profit before tax of $45.8million was a 40 per cent improvement from $32.6million in 2011.

"While the net profit after tax was $33.1million from $17.6million in 2011, the increase can be attributed to better performance in Vodafone Fiji and the inclusion of profit from FINTEL."

The report said a dividend of 3 per cent per share was maintained with the acquisition of FINTEL but this was yet to be recognised.

In addition, FNPF had a 75 per cent shareholding with HFC while the Unit Trust of Fiji held the remaining 25 per cent.

The report revealed HFC's net profit increased by 50 per cent compared to the previous year.

"The net operating income increased by 13 per cent to $10.9m," the report said.

FNPF received a dividend of $1.7m with $1.1million in 2011. Another subsidiary company, FNPF Investment Limited (FIL) posted a profit of $14.4m compared with a profit of $1.1m in 2011. FIL paid FNPF its first dividend of $1m for the year ending 2012.





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