South Pacific's largest radio broadcaster and parent company of Legend, FM96, Viti FM, Navtarang and Radio Sargam, Communications Fiji Limited announced a record result for its Fiji operations for the six months to June 30th this year.
The Fiji operation pretax profit jumped, in comparison to the same period last year by 152% to $447,212 compared to $177,086 for the same period last year.
Chairman, Matt Wilson says the board of directors was delighted by the Fiji result.
He says the second half of the year looks very positive and CFL Fiji is confident of another record year.
After contributions from associate subsidiary, 231 Waimanu Road Limited, the Fiji operations showed an after tax profit of $469,524.
The company's radio subsidiary, PNG FM Limited recorded a pretax loss of 203,889 Kina.
Wilson says as explained previously, they are facing tough economic and business conditions in PNG. PNG FM have also been rebuilding their sales and marketing team.
He says this is now complete and the PNG operation is starting to see positive trends.
Wilson says they expect a much better result in the second half of the year.
PNG FM also announced that the restructuring of Paradise Cinemas Limited is proceeding.
Wilson says the process is well advanced and should be completed in the next few weeks.
The restructure includes a reduction of debt held by the company and a general reorganization of the business. PNG FM will invest a further $3 million Kina in the venture to meet its debt obligations. Other shareholders are similarly meeting their debt obligations.
Following provisions for losses recorded by PNG FM Limited and Paradise Cinemas Limited, the group announced an after tax loss of $10,700.
Wilson says CFL score businesses in Fiji and Papua New Guinea are very strong with excellent cash flows and solid balance sheets.
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