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Fiji Time: 6:42 PM on Wednesday 23 April

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ATH posts huge loss

Geraldine Panapasa
Friday, February 22, 2013

DESPITE an increase of 12 per cent in sales revenue, Amalgamated Telecom Holdings Limited and its group of companies recorded an interim and unaudited consolidated net loss after tax and minority interest of $19.8million for the third quarter ending December 31, 2012.

In a statement this week, ATH said the significant loss for the three quarters was the result of an impairment of plant and equipment recorded at $70m.

This was compared to the consolidated net profit after tax and minority interest of $696,000 for the corresponding period in 2011.

"The impact of the impairment will only affect ATH Group results for the current financial period," the company statement said.

"The group profit before impairment and income tax was $28.7m. Operating expenses also increased by 8 per cent.

"Operating net cash flow for the group remains strong at $69.9m, an increase of $42.7m compared to the same period last year."

The ATH Group of Companies comprises ATH, Telecom Fiji Limited, Vodafone Fiji Limited, FINTEL, Fiji Directories Limited, Internet Services Fiji Limited (trading as Connect), Transtel Limited, Xceed Pasifika Limited, ATH Technology Park Limited, ATH Call Centre Limited (trading as ATH In Touch) and Pacific Emerging Technologies Limited.