Communications Fiji Limited records $1.474M profit

Communications Fiji Limited, the parent company of Legend FM, FM96, Viti FM, Navtarang and Radio Sargam has announced the group’s audited after tax profit of $1.474 million for the financial year 31st December 2014.

CFL Chairman Matt Wilson said the company’s pre-tax operational profit was up by 18.13% to $2.661 million.

This was driven by a record result from the CFL group’s Fiji operations of $1.368 million before tax compared to $960,048 in 2013.

Wilson said the income from election-related advertising gave a boost to the Fiji performance.

But even without this extraordinary income, there was a gain in revenue and profit in 2014.

CFL’s Papua New Guinea subsidiary recorded an after tax profit of 1.118 million kina.

Paradise Cinemas Limited, in which PNGFM has a 41.67% shareholding, recorded a substantial loss of 2.242 million kina.

The company says this groundbreaking business continues to meet specific challenges relating to the pace and extent of market development.

This was particularly significant in the second cinema complex Paradise Cinemas opened eight months ago in the Waigani area of the capital, Port Moresby.

Wilson said the performance of the company is being monitored very closely and there is a new push on marketing and promotion to capitalise on a strong lineup of movies.

Meanwhile the CFL board has approved a second interim dividend for the year ended 31st December 2014 of 8 cents for a total dividend of 13 cents.

The dividends will be distributed on April 30th.