[Photo: FILE]

The Pacific Fishing Company Limited is forecasting a net loss of approximately $5.5 million this year, as it continues to face financial and operational challenges.

Minister for Finance Esrom Immanuel revealed this in Parliament, saying the projected loss follows a $1.5 million loss recorded in 2025.

Immanuel says the company’s financial outlook remains challenging, but proposed government support is expected to help restore profitability.

“In 2026, the company is forecasting a net loss of around $5.5 million, equivalent to a negative net profit margin of around 14.8 percent, following a loss in 2025, as I mentioned.”

The Finance Minister says PAFCO is projected to return to profitability from 2027, with an estimated profit of $1.06 million, provided its recovery plans and financing support proceed as expected.

The Government is seeking parliamentary approval for an additional $20 million borrowing guarantee to support the company’s modernisation and expansion plans.

However, Opposition MP Premila Kumar says while she supports the proposed guarantee to protect jobs and livelihoods in Levuka and Ovalau, questions remain over the company’s management and accountability.

“But, Mr. Speaker, sir, our support should not be mistaken for confidence in the management of this company. Petco is an important state-owned enterprise and a major part of Levuka’s economy.”

Kumar has also raised concerns over the company’s failure to submit annual reports to Parliament, claiming its last report was for 2019.

She is calling for regular parliamentary updates on PAFCO’s financial performance and recovery efforts, including a ministerial statement every six months.

PAFCO is undergoing restructuring following the departure of major customer Bumble Bee in July this year.

The company remains a major employer in Levuka, supporting approximately 870 to 1,000 workers, including permanent, casual and indirect employees.