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Fiji Time: 10:50 AM on Friday 18 April

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Conditions improve business

Ropate Valemei
Thursday, January 03, 2013

VB Holdings Ltd, with its core business of fleet management and property management, recorded a revenue of $2.5million on assets of $9.5million for the year ending November 30, 2012.

This was an increase of 19 per cent over the same period in 2011, according to company chief executive officer Nitish Niranjan.

Mr Niranjan said the company established a net profit of $867,638 before taxation over the period of 11 months compared to $740,414 for the same time in 2011. He said this was a 17.18 per cent increase and noted total assets had increased its worth to $9.5m from 7.7m in 2011.

"The profit increase was due to improvements in market condition including lower interest rates and increased commercial activity," he said.

"In 2011, the company had forecasted an improvement in tourism, mining and other projects starting to take shape, which have started to show positive sign. Further opportunities are anticipated in the next few years."

Mr Niranjan said they were anticipating an improvement in occupancy in the coming years.