Record results for CFL in 2017 financial year

Communications Fiji Limited, the South Pacific’s largest radio broadcaster and parent company of Legend FM, FM96, Viti FM, Navtarang and Radio Sargam, has announced record results for the financial year ending December 31st  2017.

Group Chairman, Matt Wilson says CFL delivered a final group profit after tax of $2.922 million compared to a loss of $1.335 million in 2016 after impairment loss on investments in Paradise Cinemas Limited of $1.527 million.

Wilson says the result reflects a rise in performance in both the Fiji and Papua New Guinea operations. 

He says adding to this was the significant capital gain on the sale of CFL shares in iPAC Communications Limited of $659,371.

Wilson says in Fiji, profit from operations increased to $1.759 million compared to $1.714 million in 2016. 

He says the CFL board is delighted the Fiji team delivered an improved result in 2017.

Wilson says in 2016 CFL experienced strong growth post Cyclone  Winston and the fact that the Fiji team was able to build on this in 2017 is an excellent result.

CFL’s 100 percent subsidiary in Papua New Guinea, PNG FM Limited,  also lifted profit. 

Wilson says the PNG business has been going through a restructuring phase, while at the same time dealing with a challenging economic environment. PNG profit from operations increased to 1.416 million Kina compared to 185,670 Kina in 2016. 

Wilson says this is very encouraging and they look forward to maintaining the same level of profit growth in 2018.

CFL has also announced a final dividend of 12 cents per share which will be paid out on April 13th.

This follows an earlier interim dividend of eight cents per share paid out midyear and a special dividend of 33 cents per share distributed in January this year.