FSC records profit of $21.9m for 2020
January 15, 2021 12:55 pm
The Fiji Sugar Corporation recorded a net profit of $21.9m for last year compared to a loss of $80.1m in 2019.
This was highlighted during its Annual General Meeting at the Tanoa Waterfront Hotel in Lautoka this morning.
Speaking via Zoom from Canada, FSC Chair Vishnu Mohan, says the corporation has substantially strengthened governance and board efficiency reflected in all facets of the business.
Mohan says a clear example is the financial performance of the company.
According to the 2020 Annual Report, the FSC’s earnings before interest, tax, depreciation and amortization was $60.7m compared to a negative $49.1m in 2019.
The corporation’s share of proceeds was $41.9m compared to $38.8m in the previous year.
A total of 1.81 million tonnes of sugarcane was crushed from an area of 37,643 hectares compared to 1.70 million tonnes from 37,105 hectares in 2019.
Sugar produced was 168,703 tonnes compared to 160,204 tonnes.
The total sugar exported was 154,411 tonnes compared to 111,844 tonnes for the previous year.
However, Vishnu Mohan stresses there is no doubt they are working through some of the most difficult times in history especially with the impacts of COVID-19.
Mohan says they were also affected by environmental issues, with TC Sarai’s impact in 2019 saw a decline in the crop harvest.