REVENUE for the Fijian Holdings Ltd (FHL) Group declined by 34 per cent whereby the total revenue for six months stood at $119.09 million compared with $179.47m for the same period in the previous year.
In a market announcement the FHL Group noted the impact of the COVID-19 pandemic and its effect on the group.
“COVID-19 continues its catastrophic effect on the group completely shutting down the tourism industry which also sees a trickle-down effect on the sectors in the economy and having a substantial impact on the FHL conglomerate.”
It stated that significant decline in the group revenue was the result of shortfalls in performance of South Sea Cruises Ltd, Basic Industries Ltd and Fiji Television Ltd.
Meanwhile it stated that FHL’s associate companies such as Golden Manufacturers, NewWorld, Marsh and Pernix had contributed well towards its bottom-line despite the tough business environment.
It said RB Patel Ltd and Merchant Finance Ltd had made positive contributions which had worked to offset the losses incurred by its non-performing entities.
Profit for the group stood at $0.58m on December 31, 2020 when compared with $17.18m for the same period last year while the holding company’s profit before tax was $2.65m as of December 2020 compared with $7.14m for the same period last year.
According to the group’s financial report, its assets remain stable standing at $288.66m compared with $290.40m as at June 2020.
