The Fijian Holdings Limited (FHL) Group recorded a net profit after tax of $9.690million for the six months ending December 31, 2021.
That compared to $0.588million recorded for the corresponding six months period ending December 31 the previous year.
In a statement released by the South Pacific Stock Exchange (SPX) on Thursday, the company stated that with the exception of its tourism investments, other subsidiaries benefitted from improved trading conditions and better management.
It stated that total sales revenue for the first six months of the 2022 financial year improved by 7 per cent to $127.077m as compared to the same period last year ($119.092m).
The company attributed the improvement in operating results to the improved results of Pacific Cement Pte Ltd and Basic Industries Pte Ltd while Merchant Finance and RB Group continue to anchor the portfolio with its stable performance.
“The tourism portfolio continues to be challenged by the COVID-19 impacts and did not operate for most of the first half of the financial year. While some improvements are in sight, it will take some time before we fully recover from the financial impact of COVID-19,” the company stated.
According to the company, its recovery journey was underpinned by rebuilding stronger governance and with the right people.
“To date, more than two-thirds of subsidiaries have gone through leadership changes as we take an active approach to correct operation in a number of areas.
“Barring any major disruptions, the leadership changes and improving economic condition will lead to improved results for the financial year ending June 30, 2022.”
FHL Group acting chairman Yogesh Karan said the company had gone through a phase of leadership change and it had adopted the new business norm, and they were focused on delivering better results for its shareholders.
As at December 31 last year, the group assets stand at $623.468m while the shareholders’ funds have reached $275.803m.
