Pacific Green Industries (Fiji) Ltd – the manufacturers and retailers of furniture products made from coconut palmwood – recorded a strong growth in both its profits and earnings per share in the first six months of this year.
PGI recorded a net profit of $272,547 and $0.036 earnings per share compared to $37,967 in profit and $0.005 in earnings per share for the previous corresponding half year.
“Our performance to date has been quite good for a small country this size. It is difficult to grow the business, given the fierce competition from the Asian market and the increasing cost of running the business,” the company stated in its market announcement released by the South Pacific Stock Exchange last week.
It stated that despite those challenges, the company still managed to remain competitive and deliver a good result.
The company said since the reopening of the international borders in December 20921, its sales had increased in the first half of 2022 to $2,129,784 compared to $1,001,332 recorded in the previous corresponding year.
The company stated that it had also maintained its expenditure despite huge inflation.
“Our financial position remains strong with adequate cash flows to service our liabilities, debts and cater for future uncertainties.
“The inflationary pressure meant high operational costs for the business. We have been diligent in managing the cost to a sustainable level while still delivering a sound profit.”
