31st January, 2013, Suva, Fiji Islands- Fiji Television Limited today announced a profit in it’s un-audited financial results for the six months ended 31 December 2012.
The Fiji TV Group recorded a consolidated net profit after tax of $2.95 million for the six months ended 31st December 2012.
Announcing the group’s result today, Fiji TV Chairperson, Isoa Kaloumaira, said that the Group had maintained similar profit levels despite the current financial period being a non big event year compared to the Rugby World Cup in 2011, registering a slight decrease of 5% on the same results in the previous financial year, when the Group recorded net profit after tax of $3.09 million. The Group’s total operating revenue increased by 11% or $2.11 million to $20.76 million from $18.65 million in 2011.
Media Niugini Limited operating as EMTV in PNG recorded an increase of 25% in total operating revenue from $8.68 million in 2011 to $10.83 million in the current financial year. MNL continues to perform well despite rising costs of doing business in PNG and had recorded NPAT of $2.32 million for the period under review, an increase of 14%from $2.04 million in 2011.
The Holding Company Fiji TV registered net profit after tax of $626,516 for the six months ended 31 December 2012 compared to $1.06 million in 2011, a decrease of 41%. Total operating revenue of $10.23 million was recorded for the current financial period, a decrease of 0.7%compared to $10.30 million in 2011.
Net assets for the Group ended December 31, 2012 was at $28.76 million, compared to $25.62 million for the same period last year, an increase of $3.14 million or 12%.
Fiji TV’s Board of Directors’ also declared the company’s first interim dividend of $0.07 per share or $721,000 to be paid out on 28 February 2013.
The Shareholders Register will be closed on 20th February 2013. Date of Ex Benefit is 12thFebruary 2013
The outlook for the second half of the year appears to be difficult and challenging given that PNG economy is expected to slowdown in 2013 and the competitiveness in the Advertising market.
However, the company remains optimistic despite the challenging and difficult economic environment that it operates in.