FHL Group reports $37.3M profit before tax for first half of financial year

The Fijian Holding Limited Group says their financial performance for the six months which ended on 31st December last year was short of expectation due to a direct result of accelerating costs of doing business, together with dampening demand.

FHL says despite a group revenue growth of 5.8 percent to $210.6 million from the same period last year, the group's unaudited profit before tax fell to $37.3 million from $39.3 million in the comparative period.

They say as of 31st December 2024, the net assets of the group closed at $383.3 million, an increase of $20.5 million compared to 30th June 2024.

FHL says the half year results showed subdued performances from their key subsidiaries in the retail and financial services sector, which offset the continued growth of their tourism industry businesses, cement manufacturing business and fund management entity.

They say of concern were the lower-than-anticipated performances from the other investments in the construction and media sectors.

The group says that moving forward, they will prioritise enhancing efficiency and implementing cost-cutting measures while continuing with its automation and digital initiatives.

FHL says further headwinds from uncertainties surrounding world trade, fluctuations in commodity prices and inflation will affect the their performance for the second half of the financial year.

They say while there are encouraging signs of increased investment spending, they anticipate that growth in the tourism sector may abate.

They say additionally, if the cost of goods rise, they foresee a weakening in consumption spending, which could impact several of their businesses within the group.

The group says while the performance for the six months ended 31st December 2024 fell short of the same period last year, they will try to remain on budget for their results for the remainder of the financial year.

The FHL Board has thanked their shareholders, management, staff, financiers, and other stakeholders who have contributed to the solid half year results and they look forward to their continued support, as the group moves into the second half of the financial year with the focus of "Growing into new Frontiers - in Pursuit of our Purpose".