Fiji TV makes $1.52M net loss

Fiji Television Group has made a net loss of $1.52 million for the year ended 30th June 2014 compared to a profit of $3.6 million.

The Fiji TV Group’s total revenue for the year was $37.2 million which is a 6% decrease compared to last year.

Fiji TV said major issues encountered during the year which impacted the financial results were expenses from previous years being fully provided for in this year’s accounts, provisions for legal challenges arising from the change in satellites and a slight increase in operating expenses from increasing the number of pay TV channels.

Chairman, Padam Lala said the operating results for the Fiji TV Group are adequate given the challenges and economic conditions faced in different areas of operations in the Pacific.

Lala said the depreciation of the Kina during the year had a significant impact on the Group results.

He also said the economic environment and the stringent regulatory requirements continue to provide operating challenges for Fiji TV Group’s businesses in the Pacific.

Lala said moving forward, the board is undertaking more aggressive actions to ensure that the Fiji TV Group delivers the financial result that is more equitable to its shareholders.