CFL expects record profit this year in Fiji

Communications Fiji Limited, the parent company of Legend FM, FM96, Viti FM, Navtarang and Radio Sargam is expecting a record year in Fiji this year.

CFL has announced a group after-tax profit for the first six months to June 30th of $417,071 compared to $707,958 for the same period last year.

Chairman, Matt Wilson said shareholders should be aware the result did not take in the profit from CFL’s annual Fiji Showcase staged in July rather than June.

He said based on management accounts to the end of July, the Fiji operations are performing very strongly, with results 97% ahead of 2013.

In Papua New Guinea, CFL’s subsidiary PNG FM Limited recorded a drop in profits for the first six months following a slow first quarter.

The PNG performance was also affected by a drop of 16% in the Kina exchange rate compared to the previous year.

However the current results are strong and the management is confident the second half of the year will deliver a return similar to, or better than 2013.

Wilson said an expansion into a new cinema complex in Port Moresby to complement Paradise Cinema’s first complex at Vision City gives strategic strength to its venture.

PNG FM’s investment in the cinema company, Paradise Cinemas recorded a loss for the first six months.

The increased level of investment, which is 41.67%, in this venture resulted in an increase in losses recorded on consolidation in the CFL accounts.