The Fiji Sugar Corporation has recorded a massive loss of $36.8 million for is financial year which ended 31st May 2009.
This does not include the losses incurred due to numerous mill breakdowns since the start of the 2009 crushing season.
In a statement the FSC chief executive officer Deo Saran said the losses have increased by $17.5 million compared to the last financial year.
Saran blames foreign exchange fluctuations for the loss saying it impacted on the $85 million Exim Bank of India loan for the mill upgrade program.
But he should have blamed the 20% devaluation for it as well as the extremely poor performance of the mills, plus declining cane and sugar production.
For the 2008 season FSC's four mills crushed 2.37 million tonnes of cane and produced 207,000 tonnes of sugar.
In 2007 the mills crushed 2.48 millions of tonne producing 237,000 tonnoes of sugar.
This year FSC hopes to produce 240,000 tonnes of sugar but the cane crush and sugar production is expected to decline even further from last season.
The cane farmers of Fiji have been hit hard after the military coup forced the European Union to cancel its $350 million in financial aid to them.
View FSC Accounts - http://www.mediafire.com/?iwnmjmjtdjy