$323,384 in bonus payment for PAFCO workers

There is good news for the 989 workers of PAFCO as they will receive $323,384 in bonus payment.

943 seasonal workers will receive $271,813.39 established staff will receive $32,428 while seven management staff will get $19,143.

Minister for Economy and Public Enterprises, Aiyaz Sayed-Khaiyum made the announcement saying PAFCO’s net profit after tax for 2015 was $1.3 million.

He says there was a significant increase in PAFCO’s profit compared to the previous financial year which was $843,000.

PAFCO’s Chairman, Iqbal Jannif says PAFCO is operating with some major constraints which includes the lack of albacore tuna which is the main species they process.

He says the cost for transportation of raw product from Suva to Levuka is also high and recently the local fuel supplier has closed it's fuel tank in Levuka.

Jannif says they now have to buy fuel from Suva and pay freight costs.

He says PAFCO made losses in 2011 and 2012 but they bounced back and made profits in 2013, 2014 and 2015.

Meanwhile, Jannif says the work at the $15 million cold storage in Levuka is in progress and is expected to finish by October this year.

The Government has given $15 million for this project.

It has also been revealed that PAFCO suffered damage worth $1.5 million to its sea walls during Tropical Cyclone Winston.