FMF records sluggish profits
September 28, 2015 6:20 pm
A new factory for FMF will be set up called the Bakery Company (Fiji) Ltd which will be located on the outskirts of Suva.
The factory will manufacture products primarily targeted at the Melanesian market.
This was highlighted in the company’s annual report.
FMF Foods Ltd has managed to record growth despite the fact that Fiji’s economy is slanted towards automotives, consumer durables, housing and construction.
In a statement released through the South Pacific Stock Exchange today, group Chairman Hari Punja says tight operations helped the company beat inflationary cost increases and deliver a 9 percent higher net profit of $17.4million against $16million last year.
The company’s annual report states that group sales grew by 3.1 percent from $211.82 million in 2013 to 2014 and $218.38 from 2014 to 2015.
The report also highlighted that dividend payouts from the holding company has been retained at $1.8 million.