Business

FMF nets $17.46m profit, declares $1.8m dividend

FMF Foods Limited (FMF) posted a net profit of $17.46 million for the financial year ending 30 June 2015, a nine per cent increase over the previous period. FMF, formerly known as FMF (Fiji) Limited, recorded group sales of $218.38 million for the same period, compared to $ 211.82 million in the previous period. Dividend payout from […]

Calvin Prasad

September 29, 2015 12:40 pm

FMF Foods Limited (FMF) posted a net profit of $17.46 million for the financial year ending 30 June 2015, a nine per cent increase over the previous period.

FMF, formerly known as FMF (Fiji) Limited, recorded group sales of $218.38 million for the same period, compared to $ 211.82 million in the previous period.

Dividend payout from the holding company has been retained at $1.8 m.

FMF Chairman Mr. Hari Punja, in a statement released to the South Pacific Stock Exchange:

While the group’s rice, noodles and packaging businesses recorded good growth, its other units had only
moderate increases, with flour sales being the most flat amongst the lot.

Mr. Punja said a substantial reduction in average sale price of flour, consistent with the general decline in global wheat prices, was responsible for ‘sluggish’ sales growth.

On biscuit exports, the Australian market continued to decline owing to the general state of its economy and accentuated by aggressive price-cutting by its most dominant player.

Mr. Punja added shareholder equity had increased substantially from $84.40 m to $99.56 m, an 18% growth.

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