Company records $13.97 million revenue

The company achieved a revenue of $13.97 million which was at par with the previous year. Picture: SUPPLIED

Manufacturers of packaging materials – Atlantic & Pacific Packaging Company Ltd – is cautiously optimistic that the domestic business environment will improve on the back of significant progress in the rollout of vaccinations together with the re-opening of borders within Viti Levu and relaxation of restrictions.

Company chairman Rohit Punja said the pandemic induced economic slowdown, widespread containment measures and international border closures resulted in a weak demand environment during the year under review.

However he said despite that, the company did well enough to achieve a revenue of $13.97 million which was at par with the previous year.

The company released its 2021 annual report which said while input costs saw an increase because of raw material demand supply issues during the pandemic, the company managed to reduce other operating costs resulting in improving the net profit to $2.1m during the year in comparison with $2.0m during FY 2020.

Mr Punja also said the company had maintained the same dividend as previous year at 5.50 cents per share, resulting in an outflow of $0.44m.

He welcomed the plans to reopen the international borders next month, adding that it would further help to boost economic activity in the country.

“International paper prices continue to move steeply upwards on the back of a high demand for paper and resumption of economic activity in most countries.

“The high freight rates and container shortages also has significantly increased input costs.

“This surge in costs continues to exert huge pressure on our margins.

“In this challenging situation, your company continues to focus on maintaining efficiencies in production and operations and pursue new business opportunities and new product development to drive growth,” he said.

Meanwhile the 23rd annual general meeting of company will be held on Friday, November 12, 2021 at 10.30 am at Leonidas St, Walu Bay, Suva, Fiji.

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