Amalgamated Telecom Holdings has made a huge turn around in its financial performance for the year ended March 2014.

ATH– the parent company of Telecom Fiji, Vodafone Fiji and other telecommunications arms, made a profit of $33.7 million.

In 2013, the publicly listed company had a loss of $29.7 million.

A financial statement to the South Pacific Stock Exchange states the improved performance is a result of better profits from its subsidiaries, growth in revenue and cost cutting measures.

The loss in the previous year was the result of Vodafone Fiji replacing its entire telecommunications network infrastructure and disposing off old assets.