FBC makes $4.262M profit for 2016 compared to a $3.361M loss in 2015

Government owned entity, Fiji Broadcasting Corporation has delivered a $4.262 million profit for 2016 compared to a $3.361 million loss in 2015.

According to the audited accounts tabled in parliament today, based on the cabinet’s decision in 2012, grants and/or special funding from the government, as the shareholder, were treated as a capital contribution.

According to the Auditor General, grants and/or special funding by the government have been treated as additions to equity rather than being recognized as operating revenue of the company.

FBC received $9.201 million in public service broadcast revenue from the government in 2016. Other revenue for the year 2016 included radio advertising $1.553 million, TV advertising $2.334 million, $1.149 million for paid radio programmes, $2.031 million for paid TV programmes. They also received revenue for special events sports and commercial outside broadcast.

Meanwhile FBC also received a capital contribution of $2.075 million from the government in the year 2016.

FBC’s loan with the Fiji Development Bank stands at $13.792 million. The Auditor General states that the loan is for a 15 year period and interest is charged at the rate of 5.5 percent which has been reduced from the previous 6.75 percent. The loan is repayable by monthly instalments of $232,000 including principal and interest.