Fijian Holdings Limited Group has recorded a net loss of $17.6m compared to a profit of over six million dollars in the last financial year.

The Group says losses have been incurred by major subsidiaries including South Sea Cruises, Basic Industries, Fiji TV, Life Cinema and Pacific Cement.

These losses were mainly due to the drastic impact of COVID-19 as well as some one-off adjustments to correct stock and share valuations says the group.

It says the tourism sector remains hibernated since the outbreak of COVID last March.

The Group is hopeful recent announcement on uplifting international borders shed a brighter light on future out of South Sea Cruises.

The construction sector came to a halt during the second wave lockdown period affecting operations of Basic Industries and Pacific Cement, adding to the Group’s loss.

The Group says the retail sector continued to perform well as the major focus during the outbreak are basic food items. RB Patel Group recorded an increase in profit of $0.43m.

Group acting Chair, Yogesh Karan says the group’s result is largely the reflection of the impact COVID-19 has had on the economy.