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4 per cent growth in profit

Monika Singh
Tuesday, October 31, 2017

FIJIAN Holdings Group continues to thrive in its investments recording a growth in profit of 4 per cent for the three months ending September 30, 2017.

In a market announcement through the South Pacific Stock Exchange yesterday, FHL Group chairperson Adrian Sofield said the companies performed well because of a conducive economic environment and confirmed his confidence that the group performance was on track to meet the budgeted target for the financial year 2017/2018.

He said the group's post-tax profit for three months stood at $6.4 million compared with $6.2m achieved in the same period last year.

Meanwhile he said as at September 30 shareholders' funds had reached $254m compared with $223m for the same period last year.

According to Mr Sofield the group revenue decreased by 2 per cent compared with September 2016 results, mainly because of shortfalls in sales from Pacific Cement Ltd and R B Patel Group.

He said Pacific Cement Ltd was recovering from the plant breakdown and was on track to meet expectation in the next quarter.

The slight decrease in sales from RB Patel was because of the current retail market conditions.

Mr Sofield said the increase in available-for-sale assets was because of year-end revaluation of investments when compared with the same period last financial year.

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