14th December 09:32 AM
Fiji Pine Group of Companies record $35 million operational profits
By Naveel Krishant
Saturday 03/11/2018

Fiji Pine Group of Companies is forecasting record breaking $35 million operational profits in 2018.

According to a statement issued by the company, Executive Chairman of the Group, Faiz Khan says if the company adds back the record $7 million paid to landowners for lease bonus, the 2018 operational profits is forecasted at a whopping $42 million.

He says this is more than most large companies trading on the stock exchange and compares with large profitable banks.

Khan says the Group is debt free for all intents and purposes and debt stood at $56.5 million in 2010.

Khan adds loans to European Investment Bank, Westpac, FDB and FNPF have all been paid off adding the interest free Government debt of $12 million borrowed from 1990 to 2001 has been reduced to$7.8 million, with $600,000 repaid every 6 months.

He says against that the Group currently holds around $15 million in interest bearing deposits and with liquid high levels of inventory due for imminent sale the Group is forecasting to have far more than $30 million cash at bank by the end of 2018.

Khan says with astronomical debt paid off and most infrastructure upgrades completed the Group is looking at developing a large office complex in Lautoka City commencing in 2019.

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