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Rugby profit

Maciu Malo
Sunday, February 09, 2014

THE Fiji Rugby Union has made a major achievement recording more than $40,000 profit compared with more than $600,000 loss recorded the previous year.

This was announced by FRU chairman Filimoni Waqabaca during the FRU special general meeting at the Tanoa International Hotel yesterday.

Following the announcement of the historical $40m sponsorship deal secured by the rugby house last week, Waqabaca said FRU had made a huge turnaround since the appointment of the new board last May.

"We have moved the institution from $600,000 plus loss to a small $40,000 profit this year," said Waqabaca.

"That was our target and we are planning towards that target. We are awaiting the audit to reconfirm the figures which will be presented at the AGM.

"We want to give back at the end of our term an institution that is firm and financially secure and in a better footing than where we were when we started."

Waqabaca said the board had identified four key areas that needed to be seriously looked at.

He said the board had been tasked to clear all debts owed by FRU.

"As part of the key financial highlights we also highlighted about our debts positions.

"Our debt with Kooga since 2011 is around $A410,000 ($F694,612) and we have brought the debt down to just over $A200,000 ($F338,835) to date.

"The other one is the lottery winner — some had not been paid and once we acknowledged we cannot fully pay them we have made arrangements to periodically pay those that won, at least there is some payments that has been going."

Waqabaca said another area that needed to be cleared was tax owed by the Rugby House.

"The other is the tax owed by FRU. We have started the payment to Fiji Customs and Revenue and also made arrangements for the balance to be made soon unfortunately I don't have the accurate figures," he added.








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