ANOTHER DIVIDEND RECORD FOR FPCL

Posted by nesh

THE FPCL dividend payment of $3,698,979 for the 2013 financial year represents a 1.2% increase over the previous year and is the highest yet on record ever paid by FPCL to the Government of Fiji, and is testament to the robust profitable trading results recorded by the company.

In presenting the dividendcheque to Permanent Secretary of Public Enterprises, Tourism and Communications, Ms Elizabeth Powell, on behalf of the Minister of Public Enterprises, FPCL Board Chairman Mr Tevita Kuruvakadua said the 2013 financial results include the gain of $6.3 million, an extraordinary item, from the sale of Ports Terminal Limited (PTL) shares to Aitken Spence PLC of Sri Lanka.

Trading results remained strong for both FPCL and subsidiary Fiji Ships & Heavy Industries Ltd (FSHIL), with respective income growths of 9% and 15%, and the disciplined and prudent cost practices introduced by Management have resulted in a 1.6% reduction in Group expenses.

“Excluding the impact of extraordinary items, Net Profit After Tax from core operating results exhibit an increase of an impressive 29% over the prior year,” said Mr Kuruvakadua.