FUTURE FORESTS (FIJI) LIMITED TRADING RESULTS FOR THE 12 MONTHS ENDED JUNE 30, 2018

Future Forests (Fiji) Limited announced unaudited trading results for the 12 Months ended June 30, 2018.

The trading results for the 12 Months ended June 30, 2018recorded a loss of $143,318 as compared to a net profit of $19,245 for the same period in the previous financial year.

The company’s focus shifted from seedling sales to increasing revenue from timber sales from sawmill operations.

During the year the sawmill was relocated from Ra to Suva. In September, 2017 FFF received a five year mahogany log supply license from the Fiji Hardwood Corporation.

FFF harvested teak trees damaged by TC Winston and successfully sold sawn teak into the local market.

FFF remains committed to its long term objective to reforest Fiji, and planted 20 hectares with Teak in Ra Province.

The teak plantations damaged by TC Winston in 2016 are still recovering and further silviculture application is required to revive the plantations to enhance its commercial value.

The biological assets (teak plantations) have not been revalued as at June 30, 2018 and remain zero until a revaluation of the biological assets is deemed appropriate. The Nursery facility produce over 100,000 teak seedlings mainly for the SPC EU Reforest Fiji project.

During the year the SPC EU Reforest Fiji project downsized its planting target and as a result the FFF grant allocation was reduced.

The reforestation project ended in June 2018. During the Financial Year two new Directors were appointed and a new Chairperson and a Company Secretary were appointed to ensure further compliance and good governance.

Source>South Pacific Stock Exchange