FIJI Television Ltd share price has hit its lowest in five years as losses plague its balance sheet and efforts get underway to turn things around.
The company, listed as FTV on the South Pacific Stock Exchange (SPX), has seen its share price plummet 100 per cent in the last five months alone, from $2 a share most of last year to a downward spiral of new five-year lows since November.
SPX monthly trading data showed FTV share prices in double digit percentage falls, down 7 per cent in November last year, -13.98 per cent in December, -13.13 per cent in January and -20.86 per cent last month, when its share price hit a new five-year low of $1.10 per share.
When this edition went to press, Fiji TV shares had last traded at $1 per share, another five-year low.
FTV is also the only company on SPX with a negative Earnings per Share (EPS) and Price to Earnings ratio (P/E ratio), with February’s data showing EPS at -2.96 cents and P/E ratio at -37.19.
Historical data on SPX show the company has been running on losses over the last five years, with depleted reserves, declining net assets over a five-year period ($12.4million in 2019 to $6.4m last year) and negative cash flow from across its core business.
In 2020, FTV reported a net loss after tax of $2.7million, a loss of $2.3m in 2021, a loss of $480,000 in 2022, a profit of $421,000 in 2023 and a loss of $304,676 last year.
Efforts yesterday to reach chief executive officer Sunjeewa Perera for a comment on what the company was doing to turn things around was unsuccessful.
However, in its half-year report for the six months ended December 31, 2024 released last week, the FTV board gave its assurance that it is “actively taking all necessary actions to enhance the company’s performance.”
“Over the past twelve months, the company has implemented significant changes and improvements in its business model and processes,” it stated.
“However, we acknowledge that there is still more work required before achieving profitability.”
The company announced a loss of $677,262 for the six months to December 31, 2024.
It said total turnover was $1.9 million as of December 2024, down from $3.7 million as of December 2023.
FTV has over 420 shareholders and is majority owned by Fijian Holding Ltd through a 59.39 per cent stakes held by its subsidiary FHL Media Ltd.
