Fiji Television Ltd recorded a total group revenue of $9.1million for the financial year 2020.
This compared to the $11.9m in revenue recorded for the last financial year.
Fiji Television Ltd chairman Deepak Rathod said this year had been a challenging year for the company with a general slowdown of the economy in the later part of 2019, and the added impact of COVID–19 from early 2020 leading to the cancellation of major sporting events that dramatically affected its revenue and bottom line.
He said the total revenue this year marked a 24 per cent reduction compared to the same period last year.
Majority of the revenue drop was a result of the impact of COVID-19, he said.
According to the audited financial results released on the South Pacific Stock Exchage (SPX) today, net profit after tax for the group was $262,544 compared to $1,201,963 last year.
The company’s net assets reduced by 2 per cent from the previous year and stood at $14.9m as at balance date.
During the financial year, the company declared and paid an interim dividend of $515,000 in January 2020.
Mr Rathod said the board and management had started the process of reviewing the operations and structure to meet the changing landscape as a result of the impact of COVID-19.
“The year ahead will be very challenging and many tough decisions will need to be taken as well as creative strategies are implemented to ensure the group’s continued profitability,” he said.
“I am confident that expertise within the board and management will see us through these tough times.”
