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Performance improves

Manasa Kalouniviti
Saturday, November 04, 2017

FUTURE Forests (Fiji) Ltd (FFF) released its unaudited trading results for the three months ended September 30, 2017 through a South Pacific Stock Exchange (SPSE) market announcement on Wednesday.

The trading results for the period was a net loss of $10,190 compared with a net profit of $25,063 achieved during the same period in 2016.

The loss for the period, however, was achieved against vastly improved revenue of $214,000 when compared with $138,000 achieved during the same period last year.

The company's net assets continued to improve and stood at about $106,000 for the period under review as opposed to ($1.28 million) as at September 30, 2016.

The company had during the year ended June 30, 2016 suffered a major financial blow when most of its standing teak plantations were destroyed by Tropical Cyclone Winston in February 2016.

This necessitated a major write-down of its standing teak plantations amounting to $4.66 million.

Meanwhile, FFF's annual report for the year ended June 30, 2017 was issued late last month where the directors had reported that towards the end of the 2017 financial year the company's monthly operational results had improved.

Revenue had been driven by seedling sales during the first three quarters and timber sales during third and fourth-quarter and the company's performance continued to improve with FFF managing to maintain its listing on the SPSE.

The company directors also reported that the company managed to plant 15 hectares of new teak plantations towards the end of the financial year, despite the difficulties faced.

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