THANKS to a government debt write-off of $200.2million, the Fiji Sugar Corporation will today report a profit of $105.71million at its annual general meeting in Lautoka, reveals the 2025 annual report obtained by The Fiji Times.
This is a huge turn-around from a loss of $4.2million in the last financial year.
The net profit includes the substantial Government debt write-off and also FSC recording $72.15million in non-financial asset impairment losses.
Chairman Nitya Reddy states in the annual report that this financial result must be viewed in context, as it was significantly buoyed by the major Government debt write-off.
He states the year remained one of the most challenging on record for growers, mills and the wider industry.
“The 2025 financial year tested the limits of our resilience and reaffirmed the strength of our shared purpose,” Mr Reddy said.
He said these adjustments played a decisive role in the final profit figure, which would have been a loss without the Government’s intervention.
Industry revenue fell to $175million, and FSC’s share dropped nearly 29 per cent to $50.9million.
Operating costs rose 5.4 per cent to $70million, driven by wages, interest expenses and depreciation. Employee numbers fell slightly to 1702.
“For two decades, liquidity pressures, ageing mills, inadequate maintenance, poor capital planning and a lack of investment in modern machinery have weakened processing efficiency,” he said.
“This situation poses a serious threat to FSC’s long-term viability and challenges its current operational capacity to deliver acceptable efficiency and profitability.
“Even after the $200.2million Government write-off, FSC remains burdened with $382million in debt and lacks the financial headroom to fund capital investments independently.”
