By RACHNA LAL
Despite a reduction in their net profit, Fiji Television Limited Group recorded an increase in revenue for the financial year ended June 30, 2013.
The group recorded $39.5 million revenue compared to $35.7 million for the 2012 financial year, an increase of almost 10 per cent.
The company, through the South Pacific Stock Exchange, has made this announcement.
Fiji Papua-New Guinea-based subsidiary, EM TV, brought in more revenue than Fiji Television Limited which indicates their proposed expansion in the Pacific is a timely one.
EM TV brought in $19.1 million revenue compared to $16.9 million the previous year.
Whilst Fiji TV brought in $18.7 million revenue compared to $17 million the previous year.
Meanwhile, the group posted a net profit of $3.6 million compared to the previous financial year’s results of $4.2 million, a decrease of almost 15 per cent.
The company said the previous year’s results were boosted because of the 15 Rugby World Cup in New Zealand.
Fiji TV Group’s total net assets grew by seven per cent from previous year and stood at $28.29 million as at balance date.
Chairman, Padam Lala, said the company was pleased with the financial results for the year.
“It had been a challenging year and despite that, the Group has achieved a positive result,” he said.
Regional expansion
Fijian Holdings Limited, which now holds majority shares in Fiji TV through its purchase of Yasana Holdings, last week appointed Tevita Gonelevu as the new chief executive.
Mr Gonelevu replaces Tarun Patel, whose new role is Group chief strategy officer.
Mr Patel’s new role would be to drive the Fiji TV Group strategic expansion into the Pacific.
He would be directly involved with the Sky Pacific proposed expansion into Papua New Guinea.
Fiji Television is currently undergoing restructure following the acquisition by Fijian Holdings.