Company rakes $0.64m net profit after tax
26 July, 2017, 12:00 am
THE Free Bird Institute Ltd (FBL) recorded a net profit after tax of $0.64 million for the six months ending June 30, 2017.
This is an outstanding increase of 82 per cent in its net profit after tax in comparison with the same period last year which was $0.35m.
This was released in the public listed company’s unaudited financial statements for the six months period ending June 30, 2017.
In a market announcement made through the South Pacific Stock Exchange, FBL chief financial officer, Waisale Iowane said the the main contributing factor for this was its integrated in-house insurance scheme launched in February last year which had gained popularity among the international students seeing 97 per cent of the students taking up this scheme compared with 62 per cent for the same period last year.
“This resulted in an increase of 161 per cent in this particular revenue for this period compared with the same period last year.
FBL Board chairman and CEO Hiroshi Taniguchi said: “We will continue to penetrate the market in Japan over the coming months and look towards strengthening our partnerships with our agents in other countries such as South Korea and Taiwan to take advantage of not only what our institute has to offer but Fiji as a destination to study. This is a result of the continuous increase in the demand for the English language across the Asian markets and we hope to capitalise on this.”
Meanwhile, the company’s retained earnings for the period had increased from $2.30m (June 2016) to $3.35m for the period under review with the basic earnings per share increasing to $0.32 from $0.18 for the same period last year.
The company’s net assets also increased to $3.51m from $2.96m for the same period last year.