Communications Fiji Limited which is the parent company of Legend FM, FM96, Viti FM, Navtarang and Radio Sargam has announced a group profit after tax of $965,796 for the first six months of its current financial year.
In 2017 the profit was around $1.2 million.
Chairman William Parkinson says shareholders will recall that last years results included the sale of CFL’s shares in the iPAC Communications LTD adding that after removing this unusual item in the CFL Group the after tax profits are in fact 7% ahead of this time last year.
Parkinson says that CFL’s Fiji operations delivered a growth of 7.2% after tax.
He adds that CFL’s 100 percent subsidary PNG FM Ltd contributed significantly recording a pretax profit of K697,201.
He says that as they had informed the market last year, 2018 is an unusual year for CFL, especially as we are unable to hold Fiji Showcase.
The chairman says that the advertising market has been affected by pending general elections and substantial relief assistance payout.
Parkinson says this has been great news to retailers but it has meant that many have cut back on advertising as they struggled to meet demand.
Parkinson adds that the Group expects a strong second half with continued growth from PNG operations and Fiji benefitting from increased advertising, spending around the general elections and the first ever Fiji Showcase Xmas Special event in November.
The board has also announced an interim dividend of 8 cents per share that will be paid on the 19th of next month.
