Tailevu Holdings Company PTE Ltd Remains Resilient: Chairman
Tailevu Holdings Company PTE Limited Chairman Malakai Naiyaga says the company remained resilient despite the negative impact of the COVID-19 pandemic during the July 1, 2021 to June 30, 2022 financial year.
Mr Naiyaga, while presenting the report during the Tailevu Provincial Meeting, said the company’s June 30, 2022, results demonstrated signs of steady recovery.
He said it continued to consolidate in strengthening partnerships and building good relationship with customers which enabled the company to perform well.
“The lockdown of COVID-19 did not affect tenancy, since the properties accommodated the public offices that served as anchors and operation centres during this period. We played our part during the pandemic in offering our Vale Ni Bose to house the Central Division operation centre,” Mr Naiyaga said. “Revenue generated from properties more than adequately offset the border closures costs impact and costs increases that the cartage business faced which ended the financial year with an operating loss.
“Adapting to the new norms and protocols, also meant being strategic in spending given the uncertainty of COVID-19.
“The 2022 financial year ended with an overall expenditure levels lower than 2021.”
Financial highlights and results for year ending 2022
Mr Naiyaga said the company also noted a marked improvement in working capital.
“Profits levels increased in 2022 by 716.1 per cent as a result of the increase in valuation of properties together with an overall 10.6 per cent decrease in expenditure levels. The upgrading of Tailevu House and appreciation in land values particularly contributed to higher valuations. Rental income remained constant and there were revaluation gains noted in listed equities and Unit Trust investments,” he said.
“Cartage remained the business facing challenges. While experiencing a 5.19 per cent increase in income from $327,196 in 2021 to $344,189 in 2022, it performed at an operating loss of $65,328 in 2022 compared to a loss of $32,130 in 2021.
“The $13.97 per cent loss is attributed to high vehicle running costs, increased fuel prices as the main factors. It was pleasing to see the reduction in finance costs as a result of debt restructuring negotiated with our financiers.”
716.1 per cent THE INCREASE IN PROfiT levels in 2022 for Tailevu Holdings Company