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Fiji Pine Group records $24.2m profit

 

May 27, 2016 01:47:57 PM

Fiji Pine Group records $24.2m profit Fiji Pine Group of Companies achieved a record breaking operating profit before tax of $24.2 million in 2015.

This surpassed the profit of 2014 which stood at $21.2 million.

Executive Chairman of Pine Group of Companies Faiz Khan while releasing the audited financials for 2015 stated that the profits exclude forest valuation.

“Forest valuation is based on multiple factors that include considerations for world market price fluctuations of wood fibre. Forest valuations can be subjective. Thus, a few years ago we decided that we will only focus on operating activities when reporting profits,” he said.

Mr Khan highlighted that the Shareholders’ Fund (net of forest valuation) has increased by $52.04million in the last 5 years from end of 2010 to end of 2015.

This amount includes impairment of assets that were not performing to its full potential in the sum of $9.95 million.

“The assets that were impaired were built prior to 2011. Thus in this last 5 years period shareholders’ fund has taken a $9.95 million hit due to capital investments not done properly in years prior to that.”

“But for this impairment of under-performing assets, Shareholders’ Funds in the last 5 years would have increased by $62 million. For record purposes if we include forest valuations our shareholders’ funds has increased by $84.7 million. However we ignore as we focus on ‘real’ operating results.”

Other notable financial indicators over the last 5 years are the current ratio that has improved from 0.64:1 to 2.51:1; return on equity from (9.22%) to 39.55%; debt to equity from 162.32%to 35.21%.

Mr Khan added that the above improvements in financial indicators show that an insolvent loss making Group of Companies has been turned around to financial strength.

“The turnaround is remarkable. Whilst it is important to keep stock of where we were 5 years ago, we keep focusing on the future challenges.”

With last year’s drought and this year’s cyclones affecting the industry, Fiji Pine Group of Companies is adamant to keep fighting and do what is within their control to achieve positive financial results.

By Reginald Chandar

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