Fiji Pine Group of Companies record $35 million operational profits

Fiji Pine Group of Companies record $35 million operational profits

By Naveel Krishant
03/11/2018

Fiji Pine Group of Companies is forecasting record breaking $35 million operational profits in 2018.

According to a statement issued by the company, Executive Chairman of the Group, Faiz Khan says if the company adds back the record $7 million paid to landowners for lease bonus, the 2018 operational profits is forecasted at a whopping $42 million.

He says this is more than most large companies trading on the stock exchange and compares with large profitable banks.

Khan says the Group is debt free for all intents and purposes and debt stood at $56.5 million in 2010.

Khan adds loans to European Investment Bank, Westpac, FDB and FNPF have all been paid off adding the interest free Government debt of $12 million borrowed from 1990 to 2001 has been reduced to$7.8 million, with $600,000 repaid every 6 months.

He says against that the Group currently holds around $15 million in interest bearing deposits and with liquid high levels of inventory due for imminent sale the Group is forecasting to have far more than $30 million cash at bank by the end of 2018.

Khan says with astronomical debt paid off and most infrastructure upgrades completed the Group is looking at developing a large office complex in Lautoka City commencing in 2019.

FEATURE NEWS
PM says AG has asked Minister of Justice to ‘explain’ and report on Acting Corrections Commissioner issue
Prime Minister and Constitutional Offices Commission Chairman, Sitiveni Rabuka says he will need to verify the date of the incident involving the Acti...
6 hours ago
LATEST NEWS
Online Safety Commission receives complaint about viral video showing Acting Corrections Commissioner involved in a fist fight
The Online Safety Commission has received a complaint regarding a video currently circulating which shows a senior government official involved in an ...
5 hours ago

Oldest operational US War Vessel, USS Blue Ridge, docks in Suva
United States of America Navy Vessel 7th Fleet Flagship USS Blue Ridge LCC 19, the oldest operational Navy Vessel in operation with 1,000 Navy crew ...
6 hours ago

SPX-listed companies declare $43M in dividends, up 116% from Jan–April 2024
Companies listed on the South Pacific Stock Exchange have collectively declared $43 million in dividends from January to April this, continuing a ...
6 hours ago

FICAC drops sedition and other charges against Ben Padarath due to lack of witnesses
FICAC will not be able to continue to prosecute Benjamin Padarath, who was charged with sedition, attempting to defeat the course of justice, ...
6 hours ago

WAF attend burst pipe on Talasiga Road off Rewa Street
Residents of Talasiga Road off Rewa Street in Suva are raising concerns about the impact of a burst pipe on their road. A concerned citizen had ...
6 hours ago



fijivillage Straight Talk with Vijay Narayan
Latest Videos

Stay tuned for the latest news on our radio stations

CFL radio frequencies
IN DEPTH
Tragedy at PRB Flats: Couple found dead in suspected murder-suicide in April
A couple were found dead at the new Lagilagi Public Rental Board Flats today and it is alleged at this stage that it was a murder suicide case on ...
13 hours ago

Tevita Ikanivere on fijivillage Straight Talk With Vijay Narayan
The show focuses on Ikanivere’s journey, his family, career and how far the Drua has ...
13 days ago

Daniel Fatiaki and Professor Narsey on fijivillage Straight Talk With Vijay Narayan
Chair of the Electoral Reform Commission and former Chief Justice, Daniel Fatiaki and Electoral Reform Commissioner and economist, Professor Wadan ...
13 days ago

TOP