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FSC records profits for past 3 years

May 28, 2015 1:03 am

The Fiji Sugar Corporation has recorded profits for the past three years.

The financial reports that were revealed at the annual general meeting in Lautoka yesterday showed a $1.8m profit for 2012, $6.2m for 2013 and $6.9m for last year.

Executive chair Abdul Khan says the AGM was successful and they had received positive comments from shareholders.

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“If you look at the positives for the company – the actual operating cost is coming down – that is positive – the efficiency gain is there in the form of TCTS, the profitability has been declared at $6.9m for the year 2014.”

Khan says one of the few concerns raised was the challenge of tackling world sugar price in future.

He says the company is in a better position now and the actual operating cost of FSC is coming down.

Abdul Khan says the financial statements for the past 3 years were not released as the report has commercially sensitive information.

He says the industry wasn’t in a good shape for the past 3 to 4 years and they withheld the financial reports to protect the shareholders from compromising their position.

Meanwhile three new directors were appointed to the FSC Board yesterday.

They are Joseph Rodan, Arvind Singh and Tevita Kuruvakadua.

Alipate Qetaki and Dijendra Singh have retired.

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