FIJIAN HOLDINGS RECORD A $17.597M LOSS

Fijian Holdings Limited Group recorded a net loss after tax of $17.597m compared to a profit after tax of $6.043m in the last financial year. The performance is attributable losses incurred by major subsidiaries including South Seas Cruises Pte Limited (SSC), Basic Industries Pte Limited (BIL), Fiji Television Limited (FTV), Life Cinema

Pte Limited (LCL) and Pacific Cement Pte Limited (PCL). These loses were mainly due to the drastic impact of COVID-1 pandemic as well as some one-off adjustments to correct stock and share valuations.

The parent company reported a profit after tax of $7.886m compared to $14.825m for the same period last year. The decline in performance is largely caused by decrease in dividend income from subsidiaries affected during the financial yeas inclusive of BIL, SSC and FTV.

The Group note a reduction in total assets of $23.571m closing the year at

$624.736m. This is mainly driven by decrease in loans and advances by Merchant Finance Pte Limited (MFL) due to lower borrowings and impairment of LCL PPE.

The tourism sector remains hibernated since the outbreak of the OVID-1 in March, 2020. The recent announcement on uplifting of international borders shed a brighter light on future outlook of SSC.

The construction sector also felt the effects of economic downturn when some construction works came to a halt. The lockdown during the second wave of the outbreak also affected the operation of BIL and PCL adding to their losses.

The financial sector also noted decreasing in borrowings and higher loan deferral by customers.

Despite this, MFL recorder an increase in net profit after tax of $1.88m.

The retail sector continued to perform well as the major focus for spending during the outbreak are basic food items. RB Patel Group Limited (RBG) recorded an increase in profit from operation of $0.43m.

The Acting Chairman Mr Yogesh Karan said “that the group result is largely the reflection of the economic impact COVID19 had on the economy. The Board and Management has done the necessary changes to adopt to this new normal and we are hopeful for better results for the new financial year”.

As at 30th June 2021,

Group net assets stands at $266.139m while the shareholders’ funds for the parent company is reported at $521.808m.