FSC projects $152 million revenue despite challenges
December 4, 2020 4:35 pm
The Fiji Sugar Corporation is forecasting an increase in projected revenue for the 2020/21 year of $7 million, despite the challenges faced this season. [File Photo]
The Fiji Sugar Corporation has forecast an increase in revenue of $7 million for 2020/21, despite challenges faced this season.
Board Chair Vishnu Mohan says with the 2020 Sugar Crushing Season now virtually complete, the FSC revenue is forecast at $152 million, compared to $145 million last year.
The Chair says the 5% increase will be delivered despite a lower volume of cane harvested and lower quality of care delivered to the mills this year resulting in lower sugar production than in 2019.
He says this likely result will also have been achieved despite the damaging impact of the global coronavirus pandemic on world commodity and freight markets, reflecting superior pricing achieved by the FSC marketing team.
The Fiji Sugar Corporation commented on the projected results after the FSC Board meeting today.
He says the team at FSC are encouraged by the financial results, particularly when 2020 has been an incredibly challenging year all round.
Mohan says they are pleased that they will be able to contribute over $150 million to the Fijian economy this year.