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$1.4 million profit a threefold increase

By Elenoa Baselala SUVA, Fiji (Fiji Times, Nov. 3, 2010) – The Fiji TV Group made a net profit after tax of FJ$3.2million [US$1.8 million] for the year ending June 2010.

This is an increase of over FJ$2.5 million [US$1.4 million] or 378 percent when compared to last year's profit of FJ$0.6 million [US$600,000].

"Fiji Television Limited has managed to weather the global financial and economic crisis well," Chairman Isoa Kaloumaira said.

"We cannot emphasize enough the importance of good governance. The positive financial results reflect the good governance and discipline adhered to within the group."

The group spent FJ$23.4 million [US$12.8 million] for the year, which was four percent less than the budgeted amount.

"We are all too aware of the presence of competitors in the free to air market in Fiji," Mr. Kaloumaira said.

"Competition not only from the broadcast industry but also from print, radio, other small advertisers and to a larger extent- the pirate DVD operators. We expect this current financial year to be more challenging than even. In compliance with the Media Decree, Fiji TV can now only operate in the broadcast television business not any other medium."

[PIR editor’s note:

Group chief executive Tarun Patel acknowledged the contribution from Papua New Guinea subsidiary, EMTV for "an outstanding effort".

The growth of the company is in line with the economic growth enjoyed by Papua new Guinea.

On the overall performance of the group, Mr. Patel said he was humbled by the challenges and the efforts made to overcome them.

"With competition in the free to air and pay TV markets, government decrees, weakening of the Fiji dollar and so forth, any business would seriously consider close down.

"The directive from the board was to control costs and increase revenue whilst not jeopardizing the vision, mission, values and core business of your company," Mr. Patel said.

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