Future Forests records huge loss
August 13, 2018 3:06 am
Future Forests Fiji Limited has recorded a loss of over $143, 000 for the financial year ending June 30th.
This is compared to a profit of $19, 245 for the same period in the previous financial year.
The company in its market announcement says its focus shifted from seedling sales to increasing revenue from timber sales from sawmill operations.
It says during the year the sawmill was relocated from Ra to Suva.
In September last year Future Forests received a five-year mahogany log supply license from the Fiji Hardwood Corporation.
It says their teak plantations are still recovering from the damage during Tropical Cyclone Winston in 2016.