FSC financial year reflects mixed performance
November 25, 2017 6:40 pm
The Fiji Sugar Corporation had a mixed performance for the financial year ending May 31st.
Figures released after the company’s annual general meeting earlier this week stated that the 2017 turnover significantly declined by 38 percent, however, net loss improved by 18.5 percent compared to the 2016 financial year.
Chief executive, Graham Clark, says the decrease in turnover was mainly due to the adverse impact of Cyclone Winston on the cane production, quality of cane and hence reduced sugar make.
Clark says the recent prolonged dry spell also affected the production.
The Corporation’s share of proceeds was $43m compared to $58.7m in the previous year.
The trading loss was $18.5m while loss from operations was $39.6m.
The operating loss for 2017 was $45m compared to a loss of $53.4m in the previous year.
The Corporation is forecasting a marked reduction in net loss for the financial year 2018.
Clark says this is due to improvement in operational and factory efficiencies as well as a rigorous approach to cost control from management.