THE Fiji Pine Group of Companies turnaround from insolvent loss to a record operating profit before tax of $24.2 million last year has been attributed to strong leadership and a driven workforce.
Apart from an improvement over its 2014 operating profit before tax of $21.2m, the group has recorded a return on equity improvement from 9.22 per cent to 39.55 per cent and debt to equity from 162.32 per cent to 35.21 per cent.
Group executive chairman Faiz Khan, who has been at the helm of the organisation for the past five years, said the Fiji Pine Group’s continuing success in recent times was attributed to outstanding teamwork.
“The above improvements in financial indicators show that an insolvent loss making group of companies has been turned around to financial strength,” Mr Khan said.
“We have a great team at the Pine Group of Companies who have worked tirelessly to deliver these phenomenal turnaround results.
“We are work colleagues, friends and a family that continually persevere to improve ourselves.
“Our team at Pine Group has made these results possible. The turnaround is remarkable.
“Whilst it is important to keep stock of where we were five years ago, we keep focusing on the future challenges.”
Mr Khan said the group was focused on rebuilding long term sustainability of the pine industry for its shareholders and landowners.
