RACHNA LAL
SUVA
Telecom Fiji Limited has set aside a large portion of the e-ticketing bus consoles it had previously purchased for other economic usage. These consoles in totality were worth $884,000.
These e-ticketing consoles were purchased for the e-ticketing project but after the contract went to Vodafone and afterwards Digicel, the consoles could not be used for its initial purpose.
This has been highlighted in the Amalgamated Telecom Holdings Limited Group’s financial results for the year ended March 31, 2014, which is the parent company of Telecom Fiji.
In the report, it was highlighted the management was of the view these consoles amounting to $558,000 could be used by the subsidiary company for other economic benefit subject to further test or configuration.
Accordingly, it said these e-ticketing bus consoles had been transferred to inventories.
“The remaining related bus fare e-ticketing project equipment amounting to $325,000 was recorded under capital work in progress,” it said.
“Full impairment allowance had been created for this balance in the prior year.
“In the current year, the company had written off the related bus fare e-ticketing project equipment cost against the accumulated impairment allowance.”
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