Fiji TV Group records profit - Solomon Star News

Fiji TV Group records profit

18 February 2016

SUVA, (FIJI TIMES) - A television group recorded unaudited revenue of $5.1million (US$2.3 million) for the first six months of its 2016 financial year.

This is 29 per cent increase for Fiji Television Group Ltd with its first six months ending this month compared with the same period last year.

Fiji TV also recorded a post-tax profit of $2.4m (US$1.2 million) for the six months ended December 31, 2015.

The substantial profit for Fiji TV, the company says results from accounting adjustments made to its discontinued operations being Media Niugini Ltd and Sky Pacific which contributed a net profit after tax of $1.3m (US$603,000).

The sale of Media Niugini Ltd was concluded on January 29, 2016, while the sale of Sky Pacific is in progress.

Fiji TV chief executive Geoffrey Smith said it was teamwork that assisted the company to perform better than what was budgeted.

Smith added cost reduction too contributed significantly.

The company's total consolidated current assets stood at $26.64m (US$12.37 million) at the end of its current financial year where its total non-current assets were $38.08m (US$17.6 million).

At the end of its financial year, the company's consolidated current liabilities was at $10.95m (US$5.08 million).

The company says Media Niugini and Sky Pacific sale, as being part of subsequent event, has been presented as discontinued operations in the profit and loss account.

It further states that the corresponding number for the profit and loss statement has been restated to present Media Niugini Ltd and Sky Pacific as discontinued.

In the balance sheet, it says the Media Niugini Ltd and Sky Pacific assets and liabilities are presented as “held for sale”.
It adds the depreciation has been added back for the corresponding period from the date the sale of Media Niugini Ltd and Sky Pacific has been announced.