Company records $25,063 net profit
1 November, 2016, 12:00 am
FUTURE Forests (Fiji) Ltd trading results for the three months ended September 2016 recorded a net profit of $25,063 compared with a net loss of $140,115 for the same period in the previous financial year.
A private placement was approved by a FFF extraordinary general meeting in June 2016 and new equity was raised to repair the nursery facility to recommence seedling production, settle trade creditors and recommence loan repayments.
During the three months period ended September 30, 2016, FFF noted the company partially rebuilt the nursery facility in Ra, which was damaged by TC Winston and was able to secure a number of pine woodlots for harvesting and sawmilling.
The company says it is fulfilling a previous contract and a new contract with the SPC Reforest Fiji project to supply seedlings.
As a result of Severe TC Winston the company fully wrote down the existing teak plantations.
The company is gradually recovering from the impact of Severe TC Winston, and is projected to be fully operational again before December 31, 2016.