The Chairman of Communications Fiji Limited, William Parkinson says he is confident that the CFL Group will record an after-tax profit for the first half of the year to June 30th, 2021.
The CFL Group includes the operations in Fiji and Papua New Guinea.
While speaking during the company’s virtual AGM, Parkinson says in both markets CFL has been encouraged by the fact that revenue has held steady and in PNG FM’s case grown strongly.
He says in Fiji, to the end of May, CFL is tracking ahead of budget showing a small loss before tax but good Earnings Before Interest, Taxes, Depreciation, and Amortization surplus.
Parkinson says the team remains confident that it will get “back in the black” as forward sales look positive.
He says in Papua New Guinea, CFL has enjoyed a surge in revenue largely from the NGO/ Donor agency sector.
Parkinson says as a result, CFL will record a good profit for the half year ending June 30th well ahead of budget and the first half of 2021.
He says the strength of this result reflects efforts by the team over the last year to build awareness, outside of the private sector, of the unique reach of the PNG FM networks.
The CFL Chairman says he can also report that the purchase of CFL Group’s Port Moresby property is now complete, and the team is actively working on the design of the new home.
He says this reflects an underlying theme, across the CFL group that we continue to look beyond this pandemic.
Parkinson says the future is impossible to forecast with any certainty but Communications Fiji Limited remains in a good position with a strong balance sheet and excellent product ready to take on whatever challenges are sure to come CFL’s way.
He says we have been reminded in a terrible manner of the cost of COVID-19 to our community and nation.
Parkinson says as an organisation we are committed to do whatever we can to beat this pandemic in both our homes, Fiji, and Papua New Guinea.
[Communications Fiji Limited Team]
