THE Fiji Rugby Union recorded a profit of $63,716 for its financial period which ended 31 December 2013.
This is a major turnaround after posting a huge deficit of $606, 647 for the same period in 2012.
The income totalled $6,633,301 while the expenses were $6,569,585.
The major revenue was through sponsorships and International Rugby Board grants of $2,685,667 and $2,586,176 respectively.
FRU chairman Filimone Waqabaca said the board of directors worked hard to stabilise the finances after the 2012 loss.
Waqabaca said the securing of the $40million sponsorship for the next five years was a major milestone.
“The securing of the sponsor, much of it is owed to the composition of the board,” he said.
“The composition of the board carried a lot of weight attracting this private sector to come together to support rugby. Hence we secured the $40m sponsorship.
“Likewise we have worked hard to get back the International Rugby Board funding which is on track now and they will be re-engaging. This board in seven months has turned around FRU from more than $600,000 loss to around $64,000 profit.
“We controlled the finances. There is still some way to go but we have done what we had planned all along in trying to work on stabilising the financial position of FRU. There are plans going forward.”
Suva (Fiji Times)
