AIRPORTS FIJI LIMITED ANTICIPATE PROFIT OF $80M FOR 2017

Airports Fiji Limited is anticipating a profit of $80million for the fiscal year 2017. The profit margin indicated is subject to completion of audits by its appointed auditors. This was revealed by AFL’s Financial Analyst Vineet Naidu yesterday while presenting the company’s 2016 Annual Report to the Standing Committee on Social Affairs. Mr Naidu said their 2016 operating profit before tax was $65.86million. This was a 43per cent ($19.82million) increase from figures recorded in 2015. He added that earnings before interest, taxes, depreciation and amortization (EBITDA) stood at $78.7million compared to $58.2million in 2015. “Our total revenue in 2016 was $118million compared to $92.6million in 2015,” Mr Naidu said. “Our total operating expenditure was $50.84million compared to $45.9million in 2015.” Dividends declared in the last four years came to a total of $100million. “For 2017 dividends paid was $45million, $30million in 2016, $15million in 2015 and$10million in 2014,” he said. Total shareholders’ equity grew to $202.7million in 2016, compared to $183million in 2015. Senior Financial Accountant Sanjana Mishra said an independent asset evaluation was undertaken after the completion of the Nadi International Airport modernisation project and assets were revalued at $206million. As a result shareholders’ equity would significantly increase to about $405million this year, she said. AFL Public Relations Officer Christopher Chand said their latest world ranking on Skytrax Most Improved Airport in the World list was testament to their service standards and efficiency. “Through understanding risks of peak demand, passenger expectations and continually striving to improve, we provide efficient and customer centric services,” Mr Chand said. The company’s annual reports is prepared and submitted to the Ministry for Economy, Public Enterprises, Civil Service and Communications around July/ August every year.