FMF Group announces $11.6M profit

Flour Mills of Fiji Group of Companies has reported a vastly improved financial performance for this year after recording $11.6 million profit after tax.

FMF Chairman, Hari Punja said it is with some relief and pleasure that he announced this result as the group made a loss of $6.959 million for the previous year.

Punja said their operating margin has improved drastically from a negative 1.9 percent to a positive 12.32 percent.

He said this is the direct result of stringent cost controls and a determination to price FMF products with a reasonable margin.

Punja said this improvement has been across all the group's companies.

However their struggle to achieve an acceptable return from basic flour milling business continues due to very low return allowed under the Prices and Incomes Board's flour pricing template.

Punja highlighted that they have installed a fourth biscuit line and a new creamer and also expanded their snack food lines this year.

Meanwhile the Net Group revenue has increased to $162.54 million compared to $155.94 million in the previous year.

Punja also said they have also been active in promoting the government=s Buy Fiji Made campaign.

He said the campaign is designed to create local employment and savings in foreign exchange.


Story by: Vijay Narayan