CFL Declares Four Cents Dividend
The South Pacific’s largest radio network, Communications Fiji Ltd, announced after tax profit $824,394 (2019 $2,234,010), and declared a four cent final dividend for the financial year ended December 31 2020. Chairman, William Parkinson, said: “I am very proud of the way in which our teams in both Fiji and Papua New Guinea responded to this crisis.
“Not only have they delivered an amazing product, but also a final profit.
“We have successfully avoided any pay cuts.
“We entered into this crisis in a very strong financial position debt free and with strong cash reserves, and we have strengthened that position over 2020”. Communications Fiji Ltd’s 100 per cent subsidiary PNG FM LTD recently announced the purchase of a block of land in Port Moresby for K5 million (FJ$2.93 million).
“We are waiting on final regulatory approvals and are already working on plans for our brand new studios that we hope will open early 2023,” Mr Parkinson said.
“Our results in both markets for the first quarter are ahead of last year.
“We have been very careful with provisioning and we remain committed to maintaining healthy balance sheets through this period.”
Communications Fiji Ltd shares will go ex-benefit on April 14.
The record date will be April 19, and the dividend will be paid
■ Communications Fiji Limited operates major William Parkinson commercial radio networks in Fiji and Papua New Guinea, event management companies, news and entertainment online, cinema advertising production house, and a joint venture property company.