Company records 16pc growth in profit
1 August, 2018, 5:15 am
CONSOLIDATED revenue for Amalgamated Telecom Holdings Ltd grew by 16 per cent to $460.4 million for the year.
The 2018 annual report for the group was released yesterday in which company CEO and secretary Ivan Fong said consolidated profit before tax for the Group for the year stood at $120.3m which was an increase of 10 per cent.
Mr Fong said the consolidated profit after tax was $96.6m, an increase of 13 per cent from last year while consolidated profit after income tax attributable to the members of the holding company for the financial year increased to $64.9m from $54.2m.
In his CEO’s report Mr Fong said for the holding company, net profit after income tax decreased slightly to $42.6m mainly as the result of increased operating and financing expenses incurred in making ATH’s regional investments and building human resources capacity within the ATH group.
“These increased resource commitments all go towards realising ATH’s regional expansion, which in the long term could potentially surpass the size of the Fiji-based operations.”
Meanwhile, ATH chairman Ajith Kodagoda said the proposed integration/merger of FINTEL and Telecom Fiji as part of ATH Group restructuring would involve TFL acquiring FINTEL’s business on a going concern basis with FINTEL’s assets, liabilities, rights and obligations.
Mr Kodagoda said the transaction was subject to regulatory approvals so an application had been lodged with the Fiji Competition and Consumer Commission (FCCC) to approve the restructure.
“Pending the outcome of our application, it is anticipated that the transfer of assets and liabilities will be finalised in September this year.
“It is envisaged that current products and services offering will continue unhindered.
“However, we are not ruling out the possibility of replacing existing products and services should technology offer better options,” he said.