Business

Fijian Holdings posts $18.73m profit

The Fijian Holdings Group has recorded a 30% growth for the six months ending 31 December 2015, netting $18.73million in pre-tax profit compared to $14.40million for the same period in the previous year. In making the announcement, FHL Group Chairman Iowane Naiveli said that Group companies have exceeded expectation mainly due to a positive economic […]

Staff Writers

February 2, 2016 9:27 am

The Fijian Holdings Group has recorded a 30% growth for the six months ending 31 December 2015, netting $18.73million in pre-tax profit compared to $14.40million for the same period in the previous year.

In making the announcement, FHL Group Chairman Iowane Naiveli said that Group companies have exceeded expectation mainly due to a positive economic outlook. He further added that the trend would continue for the next 12-24 months.

Group Revenue reached $154.8million for the said six months compared to the previous period where revenue recorded was $134.4million. Post-tax profit amounted to $10.0million, reflecting an increase of 20%.

Group Chief Executive, Nouzab Fareed commented that the growth is propelled by the infrastructure and tourism sector whereas the rest of the sectors continued with marginal growth. He added further that the Group revenue increase is largely attributable to the performance of the Basic Industries Ltd, South Sea Cruises Ltd, Pacific Cement Ltd and RB Patel Group. the new company in the Group, Life Cinema Ltd also exceeded expectations.

As at December 2015, Group assets stands at $477million while the Shareholders funds had reached $214million.

What do you think? Leave a comment below.