Communications Fiji Limited announces over $1.2M half year net profit

The South Pacific’s largest radio broadcast conglomerate Communications Fiji Limited which is the parent company of Legend FM, FM96, Viti FM, Navtarang and Radio Sargam today announced a half year net profit after tax to June 30th, 2017 of $1,205,170.

This compares with a loss of $10,697 for the same period in 2016.

Chairman Matt Wilson says the result was driven by an improvement in the company’s operational profits that increased by 81 percent to $558,050.

He says this reflected a better performance from both its Fiji and PNG media operations.

While the Papua New Guinea market continues to be a challenge, PNG FM ltd has managed to stabilize performance and show a small profit against a loss for the first six months of last year.

He says with the elections in PNG recently completed, there will be an improvement in this important market however they recognise that PNG despite its huge potential faces a number of significant economic challenges.

As previously announced, the Sale of Communications Fiji Limited’s shares in IPAC Communications Limited through Unwired Fiji had the biggest impact on CFL’s six month result with a net gain of $659,371 recorded.

Wilson also says that Communications Fiji Limited is cashed up and over the next three months it will be reviewing various investment options.

The board has also announced an interim dividend of 8 cents per share.

Dividends will be paid out on September 24th.