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Group profit up

Monika Singh
Saturday, February 03, 2018

BUSINESS strategies put in place by the Fijian Holdings Group have yielded them a pre-tax profit of $20.91 million for six months ending December 31, 2017.

In a market announcement yesterday, group chief executive officer Nouzab Fareed said the steps implemented by the board and the management of the group to manage the highly competitive business environment was effective and reflected through the growth of revenue and profits in financial performance of the group.

The group's profit for the six months ending December 31, 2017 was an increase of 8 per cent from the $19.35m profit for the same period last year.

Meanwhile the group's after-tax profits for the six months stood at $12.97m compared with $10.80m achieved in the same period last year.

Mr Fareed said the group revenue increase was largely attributable to performance of Basic Industries Ltd, South Sea Cruises Ltd, Fiji TV and Life Cinema.

He said the management also saw opportunities for Pacific Cement and RBG to improve further.

FHL Group chairperson Adrian Sofield said: "Group companies have performed well in the challenging business environment; bringing in innovative business strategies and maintaining customer focus to generate greater revenue for their respective companies".

He said the group revenue reached $167.03m for the said six months compared with previous period where revenue recorded was $164.26m.

As at December 31, 2017, group assets stands at $523m while the shareholders funds has reached $259m.

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