CFL announces profit of $166,403 for the first six months of 2020

South Pacific’s largest broadcast organisation and publicly listed Communications Fiji Ltd which is the parent company of FM96, Legend FM, Viti FM, Navtarang, Radio Sargam and website, fijivillage has today announced a profit of $166,403 for the first 6 months of 2020.

Last year the company made a profit of $478,816 for the same period.

CFL’s Board Chairman, William Parkinson says it has been a very challenging first six months but he is proud of the way in which teams in Fiji and Papua New Guinea had responded to these unprecedented times.

Parkinson says in both countries they have adjusted swiftly to the rapidly changing environment and delivered a profit.

He also noted that the Communications Fiji Ltd group has retained all permanent staff at full pay throughout the crisis.

Parkinson further says the half-year result also revealed steady balance sheet growth with shareholder equity rising to $14.368 million and cash reserves to $1.907 million.

He says shareholders can be assured that Communications Fiji Ltd remains in a strong position to ride out these difficult times adding the management teams in both countries remain cautiously optimistic about the rest of the year but they are not going to make any specific predictions on potential results.

Parkinson adds they are very concerned about the accelerating spread of COVID-19 in Papua New Guinea and the threat it represents to the health of their team and listeners.

He says the good news is that revenue remains healthy and PNG FM finds itself in a unique position in the market place.

He adds as revealed in the audience surveys last year PNG FM stations have the biggest audience “reach” of any media in PNG and the spread and nature of COVID-19 has meant that this position has only strengthened and the various agencies tackling the pandemic recognises this.

Parkinson confirms that Charles Taylor, currently the General Manager of PNG FM, and who was appointed the General Manager for the Communications Fiji Ltd Group will take up his new role from this week.

He says it has been tough, however, their teams in both countries have responded magnificently and they are in a very strong position both financially and in terms of the growing audience reach of their various radio and online platforms.