Fiji TV reports $4million turnover
2 February, 2023, 5:30 pm
Fiji Television Ltd looks forward to the review of the Fiji Broadcasting Corporation and its operations and being made accountable for the manner in which it has been competing with the private sector while receiving significant grants from Government.
This was relayed to shareholders by Fiji TV Board chairman Deepak Rathod in an announcement as the company shared its half year financial report for the six months ended December 31, 2022.
According to the report, the company’s turnover for the current period was $4 million compared with $2.5m last year — an increase of just more than 61 per cent while its operating profit for the six months was $616,989 against last year’s loss of $267,294, an increase of 331 per cent.
“With operating profit up almost 331 per cent over last year’s results your company’s performance is indeed favourable keeping in mind that we are comparing against a period where our international borders had just opened,” said Mr Rathod.
He said as the economy recovered from the opening of borders from December last year, the company had seen an improvement, although still somewhat subdued, in the advertising and sponsorship spend by businesses.
“We expect to see further improvements in the next six months.”
Mr Rathod said Fiji TV was expected to meet its plans for this year and remained well placed to take advantage of the opportunities arising from the opening of the borders, return of press freedom and the forecasted continuing economic recovery.
“We also hope that these results provide our shareholders some confidence after the disappointing results of the past few years.”
He said the smooth transfer of power to the new government following the recent elections together with their recent actions had also provided much needed boost to the confidence in both consumers and the business community.