Pacific Green posted increased sales, profit despite challenges
Pacific Green reported sales revenue of $3,471,301 and net profit of $148,630 for the financial year ending December 31, 2015
Despite being challenged with the importation of cheap Asian furniture in tothe country, Pacific Green Industries (Fiji) Limited continues to come out swinging and progressing. The Malaqereqere, Nadroga, company has once again recorded growth in both profit and sales. Chairman, Samuel Ram, said they managed to achieve this despite the challenges in today’s market – particularly the vast increase of Asian manufactured furniture imported into Fiji and sold at competitive prices. In its Annual Report for year ending December 31, 2015, Pacific Green reported sales revenue of $3,471,301 and net profit of $148,630 (2015: sales revenue of $3,303,296 and $104,598 profit). Mr Ram said: “With the attitude of keeping our eyes on the future and seeking our opportunities, we have achieved positive, immediate and long-term outcomes. “Pacific Green management continues to invest in the future by focusing on our business strategy,” he said. “The goal is to increase market share with new and exciting products and by continuing to focus on strengthening existing relationships and building new ones.
“We’re improving our efficiency and driving costs down through lean manufacturing whilst competing with the ever increasing cost of doing business.”
Plans ahead
Mr Ram said all was going well for the company and exports to their Australian market had also rose. “We have solid plans for 2016 expansions as we systematically continue along the successful path established last year,” he said.
“It is important to note that export expansion has to be funded from cash flows as the incentives to export are limited.
“Nonetheless, our successful achievements in the past were based on unique designs and innovative marketing and these functions have been further strengthened.”
Payout
Mr Ram believes their shareholders will be pleased with the consistent 6c per share dividend payment for the year 2015 ($457,154).
“We are also confident of further dividends for 2016,” he said. But, he said on downside, they note that the dividend payment created through the Golden Palmwood sale will finish off in 2017.
“Therefore, it is the board’s priority to sufficiently develop our export market to provide these future dividends,” he said.
“To do this - particularly if we enter the international market - we will need strong export assistance.
“All shareholders can assist in this regard by visiting us and taking a closer look at who we are we what do and then encouraging others to support our objective. “Without this commitment, the task of a viable international export market becomes extremely difficult.”