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‘Remarkable’ results despite contraction of economy

SUVA, Fiji (Fijilive, July 1, 2008) - Amalgamated Telecom Holdings Limited has announced a Group consolidated net profit after tax and minority interest of FJ$46.1 million [US$31 million], for the 12 months ended 31st March, 2008.

This was achieved on the back of an increase in consolidated sales revenue by FJ$12.2 million [US$8 million].

This is a new record profit and an increase of 11.8 percent over the corresponding period last year, in which a Group consolidated net profit after tax and minority interest of FJ$41.2 million was recorded.

The ATH group has adopted the new International Financial Reporting Standards (IFRS) under which this year’s accounts have been prepared.

Comparative figures for last year were restated for the effect of IFRS, which was minimal.

The ATH group of companies comprises ATH, Telecom Fiji Limited, Vodafone Fiji Limited, Fiji Directories Limited, Internet Services (Fiji) Limited (trading as Connect), Transtel Limited, Xceed Pasifika and ATH Technology Park Limited.

ATH chairman Kanti Tappoo said the result was a remarkable achievement bearing in mind that most of the reporting period fell into the 2007 calendar year.

"I welcome this result as it relates to a period where trading conditions were weak with a contraction of the national economy in 2007, and furthermore with some reduction in prices for telecommunication services coming into effect in the second half of our financial year," he said.

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