FIJI’S R.B. PATEL GROUP REPORTS PROFIT GROWTH

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FIJI’S R.B. PATEL GROUP REPORTS PROFIT GROWTH

SUVA, Fiji (Fiji Times, May 5) - The Suva-Fiji-based R.B. Patel Group has announced an annual net profit growth of 15.8 percent for the business year ended March 31.

The company's annual report released recently stated the Group recorded a F$2.5 million (US$1.5 million) net profit compared to F$2.1 million (US$1.2 million) for the same period last year.

The group also declared an interim dividend of five cents bringing the dividend per share for the period to eight cents compared to seven cents last year.

Chairman of the company, Hemat Lal Patel, said the results were impressive despite stiff competition and difficult market conditions.

"Yet another excellent trading year has come to an end. These results were achieved amid competitive market conditions. With the addition of our new Southpoint branch in Nakasi, the future of the Group looks optimistic.

He said business strategies aligned to increasing the Group's profitability paid off particularly non-supermarket goods. This category, he said, would be further strengthened in the new year.

The final dividend represented a gross return on investment of 11.16 percent or 7.48 percent after tax. The company said the return far exceeded the interest rates offered by banks.

The group's revenue increased by 12.5 percent (from $59.06 m to $66.40 m) (US$36.1 million to US$40.3 million)despite "very heavy" discounting by competitors.

May 6, 2005

Fiji Times Online: .

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