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Fiji Time: 6:39 PM on Wednesday 23 April

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Television group records $2.95m profit

Geraldine Panapasa
Wednesday, February 06, 2013

FIJI Television Group recorded a consolidated net profit after tax of $2.95million for the six months ending December 31 last year despite anticipating challenges for the second half of the year.

The unaudited financial results showed the company had maintained similar profit levels despite the present financial year being a non-big event year compared to the Rugby World Cup coverage in 2011.

In a statement, Fiji TV chairperson Isoa Kaloumaira said the group registered a slight decrease of 5 per cent on the same results in the previous financial year when the group recorded net profit after tax of $3.09m.

"The group's total operating revenue increased by 11 per cent or $2.11m to $20.76m from $18.65m in 2011," the company said.

"Media Niugini Limited, operating as EMTV in Papua New Guinea recorded an increase of 25 per cent in total operating revenue from $8.68m in 2011 to $10.83m in the current financial year.

"MNL continued to perform well despite rising costs of doing business in PNG and recorded net profit after tax of $2.32m for the period under review, an increase of 14 per cent from $2.04m in 2011.

"The holding company Fiji TV registered net profit after tax of $626,516 for the six months ending December 31, 2012 compared to $1.06m in 2011, a decrease of 41 per cent.

"Total operating revenue of $10.23m was recorded for the current financial period, a decrease of 0.7 per cent compared to $10.30m in 2011." The company said net assets for the group for the period under review was $28.76m compared to $25.62m for the same period in 2011. This marked an increase of $3.14m or 12 per cent.

"The outlook for the second half of the year appears to be difficult and challenging given that PNG economy is expected to slowdown in 2013 and the competitiveness in the advertising market," the company said.

"The company remains optimistic despite the challenging and difficult economic environment that it operates in."

Fiji TV board of directors also declared the company's first interim dividend of seven cents per share or $721,000 to be paid out on February 28 this year.

The company said the shareholders register would close on February 20 with the date of ex-benefits on February 12. The announcements were also made public on the South Pacific Stock Exchange.