Thursday, April 29, 2010

FSC records $8.3m loss for third quarter

by Timoci Vula

Fiji Times - Wednesday, April 28, 2010
THE Fiji Sugar Corporation recorded a $8.3million loss for the third quarter ending February 28 this year.
The Corporation recorded a net loss of $27.94m for the same period last year, its third quarter report revealed, while noting a decrease of 70.3 per cent in net losses.
The report released yesterday also revealed its turnover decreased by 11.1 per cent from $223.5m in the third quarter of 2009 to $198.6m this year.
Total liabilities, however, increased from $177.42m in the first quarter of 2009 to $232.96m at the end of the current third quarter.
FSC's total assets, according to the report, stands at $335.71m an increase from the $297.29m recorded for the same quarter last year.
The report revealed that no dividend was paid out to its shareholders in the third quarter last year as well as this year.
It also said no loans were secured during the quarter.
The Corporation has made no attribution as to its operational performance for the period under review but noted decreases in sugar exports to the United Kingdom, and also exports of molasses.
"152,943 tonnes of sugar has been shipped to the UK (this third quarter) compared to 168,683 tonnes shipped for the same period last year," the FSC's third quarter report 2010 stated.
For molasses however, the report said molasses export during the third quarter increased from 56,285 tonnes for the third quarter last year to 100,285 tonnes for the third quarter this year.

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