By RACHNA LAL
As Communications Fiji Limited approaches the end of its financial year, a lower group profit is being expected compared to the previous year.
Chairman Matt Wilson highlighted through a South Pacific Stock Exchange release that unaudited management accounts indicated this.
Mr Wilson said the PNG FM results would be significantly lower reflecting a slower PNG economy.
“However, Paradise Cinemas PNG FM Limited’s associate company continues to progress well,” he said.
Mr Wilson also noted that the PNG kina having had peaked mid 2013 had depreciated significantly against the Fijian dollar in the second half of the year.
He said the group’s performance in Fiji is also likely to be slightly lower than in 2012.
Managing director, William Parkinson, said: “2012 was exceptional year for the Papua New Guinean economy.
“Like many other companies in Papua New Guinea, we have had to come to terms with a decline in economic growth in 2013.
“As we indicated in our annual report at the beginning of the year, our focus in 2013 has been on consolidation and we expect improved results in 2014.”
Interim dividend
Communications Fiji also announced it would issue a second interim dividend of four cents per share for the 10 months ended October 31.
This brought dividends paid so far for the financial year to 10 cents per share (2012: 12 cents interim dividend).
The board also adopted a dividend policy the past year of distributing 40 per cent of after tax profits.