Fiji Rice Limited holds first AGM after more than a decade
March 6, 2021 4:23 pm
Fiji Rice Limited today submitted their financial reports for the years 2013 to 2017 at their first Annual General Meeting after more than a decade.
Board Chair Raj Sharma says the audited accounts for the past years were not in order and they have spent the last few years putting it together.
Speaking to FBC News after the meeting, Sharma says the financial report was the focus of the meeting which was held in Labasa this morning.
The report notes that the company continues to make profit despite substantial losses recorded in the years 2013 to 2015.
In 2013, the company recorded a loss of $268,000. In 2014, they recorded a loss of $311,000 and in 2015 – a loss of $318,000.
Sharma says with government support through subsidies and a standard rice price of $700-$800 per tonne – the company started making profit from 2016.
In 2016, the company made a profit of $100,000.
In 2017 they made a profit of $289,000.
Sharma also highlighted that in 2018 they made a huge profit of $386,000.
However, this dropped in 2019 when they recorded only $183,000 profit.
The unaudited accounts for the 2020 financial year shows the company making a profit of $221,000.