ATH and its group of companies records $28.67M profit after tax

The ATH and its group of companies has made a $28.67 million profit after tax which is an increase of 30% compared to the $22 million profit for the previous financial year.

This has been revealed by ATH Chairman Ajith Kodagoda during their Annual General Meeting.

Kodagoda said the profit has been made possible due to acquiring cable and wireless interest in FINTEL, acquiring government’s interest in FINTEL and Vodafone Fiji Limited.

He said that voluntary winding up of non-operating entities, ATH Call Centres Limited, ATH Technology Park Limited and other non-operating subsidiaries within the group has contributed to the profit made.

Kodagoda mentioned that these decisions are delivering positive results not only through increased revenue and lowered costs but more importantly enabling more cohesiveness amongst group companies and continuing to deliver modern, innovative services and products.

Meanwhile, ATH subsidiary companies, Telecom Fiji Limited has improved its performance from a $15 million loss in the previous financial year to an $18.4 million net profit after tax, Vodafone Fiji Limited had an increased profit after income tax of $44.8 million, Fiji Directories Limited recorded a net profit after tax of $1.67 million which is an increase of 6.5% compared to the last year, Vodafone ATH Fiji Foundation this year increased to $728,107 while FINTEL recorded an operating profit of $7 million, an 8.2% decrease over the previous financial year.