Fijian Holdings growth up 28% in first six months

Fijian Holdings Limited yesterday announced a 28 per cent growth in consolidated revenue for the first six months ending December 31 with the group assets reaching all-time high of $495 million.
In an announcement made to the South Pacific Stock Exchange, FHL confirmed its unaudited consolidated group revenue for six months ending December.
This amounted to $152 million compared to $119 million recorded in the same period last year.
Consolidated Pre-tax profit amounted to $10.85 million for the six months reflecting a growth of 13 per cent from the previous year.
FHL Group chairman Iowane Naiveli said: “The six month results have set the benchmark for the financial year.
“We are optimistic of the growth ahead and it would be a good year.”
Merchant Finance, RB Patel Group, Basic Industries Limited, Fiji Industries Ltd, South Sea Cruises Limited performed better than expectation.
This would be the first financial year for TFV Group under FHL management and to be part of the FHL Group consolidated account.
Nouzab Fareed, Group chief executive said: “This is a reflection of our convergent business strategy.
“We are confident the trend will continue for the rest of the financials year.
“While we are contained with closure of FHL Logistics Ltd, but a lot more needs to done with PNG subsidiary, FTV group and Fiji Industries Ltd.”
Fijian Holdings Ltd is on e of the largest conglomerate in the country with 15 subdiaries in Fijian in the region including PNG, Samoa and Solomon Islands.
It is also the holding company of two listed company namely RB Patel Group and Fiji Television Ltd.  FHL Group is expected to enter Cinema Operations Industry by the second half of 2014.
As at end December, total shareholders’ equity stands at $214 million.  — SOUTH PACIFIC
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