Fiji’s publicly listed broadcaster Communications Fiji Ltd (CFL) group recorded profit from operations of $1,133,645 and a profit after tax of $514,604 for the year ended December 31, 2023.
Compared to the corresponding financial year, the group recorded $2,158,384 profit from operations and $1,551,061 profit after tax.
CFL group chairman William Parkinson said they experienced a drop in profit over the past year that reflected the uncertainty in both the Fiji and Papua New Guinea (PNG) markets.
However, he said the company expected to bounce back strongly in the coming year.
“While financial performance declined, our audience reach via our radio and online products continues to remain strong and we expect this to drive revenue growth in 2024,” Mr Parkinson said in a statement issued by the South Pacific Stock Exchange (SPX) where it is listed.
He added work was almost completed on the construction of their multimillion-dollar new studio complex in Port Moresby, expected to open in the third quarter of this year.
“The project has been progressing well and is on time and within budget.”
The studio and office complex that will be home to PNG FM — its PNG-based subsidiary is valued at K9,826,869 (about $F6.1m).
CFL also announced a final dividend of seven cents per share that will be paid out on May 29, 2024.
