Assets up by 15pc
THE year 2020 was one of the most difficult years for any business and Free Bird Institute Ltd also struggled to understand the pandemic and forecast the extent of the consequences it would bring with it.
Company’s executive chairman Hiroshi Taniguchi said riddled with so much uncertainty it challenged the business models of most businesses globally where leaders were forced to make swift but tough decisions in a rapidly changing business environment.
Despite the challenges Mr Taniguchi said they had continued to maintain a steady financial position with an overall increase of 15 per cent in its assets.
“Timely response was critical during the pandemic and decisions had to be carefully considered to ensure the sustainability of our business.
“Our collective efforts have resulted in an increase in our profit after tax by 11 per cent in comparison with the same period last year.
“Our cashflow management and preservation decisions led to an increase in our cash and cash equivalent by 11 per cent and this ensured that we were able to continue to operate during the year and prepare us for when situations begin to change for the better,” he said.
Company's chief financial officer Waisale Iowane said their service fee revenue decreased by 43 per cent with an overall decline in total revenue by 17 per cent which was a direct effect of the closure of international borders.
Mr Iowane said the decisions they made in response to the impact of the pandemic were not easy but were necessary because of the uncertainty.