South Pacific’s largest broadcaster, Communications Fiji Limited, parent company of Legend FM, FM96, Navtarang, Radio Sargam, Viti FM and fijivillage has recorded an after tax profit of $824,394 and declared a 4 cent final dividend for the financial year ended 2020.
Chairman William Parkinson says needless to say it has been a very tough year, especially in the Fiji market.
Parkinson says he is very proud of the way in which the teams in both Fiji and Papua New Guinea have responded to this crisis.
He says not only have they delivered an amazing product but also a final profit and Communications Fiji Limited has successfully avoided any pay cuts.
Parkinson says CFL entered into this crisis in a very strong financial position debt free and with strong cash reserves and the company has strengthened that position over 2020.
In addition, Communications Fiji Ltd’s 100% subsidiary PNG FM LTD recently announced the purchase of a block of land in Port Moresby for 5 million Kina.
The CFL Chairman says they are waiting on final regulatory approvals and are already working on plans for the brand new studios that they hope will open early 2023.
The boards of Communications Fiji Ltd and PNG FM LTD remain cautiously optimistic about the coming year.
Parkinson says they are primarily concerned about the health of the team and the listeners and so are particularly worried about the recent increase in COVID-19 cases in Papua New Guinea but the results in both markets for the first quarter are ahead of last year.
Parkinson says they have been very careful with provisioning and they remain committed to maintaining healthy balance sheets through this period.
Communications Fiji Ltd shares will go ex-benefit on April 14th.
The record date will be April 19th and the dividend will be paid out April 27th.
Communications Fiji Limited team.
