FHL records its highest profit

The Fijian Holdings Group has recorded its highest profit, with a consolidated post tax earnings of $49.7 million.

According to the FHL 2009 Annual Report Chairman Isoa Kaloumaira said the profit of $49.69 million was the highest ever recorded profit for FHL in its 25 years history adding the movement in earnings reflected a 285% increase compared to the $12.9 million restated for last year.

Kaloumaira stated that the increase in revenue is attributed to the full 12 months trading result of RB Patel in the current year, as well as the extra ordinary income from divestment of Fosters shares and strong performance from the major subsidiary companies.

Kaloumaira goes onto say that given the difficult economic climate and the impact of the devaluation, the Group performance is considered strong and the drive to do better than forecast is continually pursued.

He added in fact, if the Fosters sale was excluded, the FHL Group results would still record a higher profit than achieved in 2008, reflecting business strength and resilience.

The Fijian Holdings Annual General Meeting is scheduled to be held at the Holiday Inn, in Suva this afternoon.