Coupfourpointfive: NBF Debtor Tomasi Vakatora Jnr ($72, 992.98) defends poor profit result

Friday, August 20, 2010

NBF Debtor Tomasi Vakatora Jnr ($72, 992.98) defends poor profit result

FNPF raises concern in drop of profits during ATH AGM
By Ana Naisoro, Fiji Village News

The Fiji National Provident Fund being the largest shareholder in the ATH Group of companies has raised concern about the company's 53 percent drop in profit for the period ending 31st March 2010.

ATH recorded a profit of $15.4 million for the period ending 31st March this year compared to $33.14 million for the same period last year.

At the Annual General Meeting this morning FNPF which holds 58.2 percent of ATH shares through their representative Suliano Romanu said the drop in profit is quite significant and worrying.

However in response ATH CEO Tomasi Vakatora said there were a number of factors which led to the decline in profit, which includes the commissioning of new and advanced telecommunication systems, the international economic environment as well as new competitors in the telecommunications market.

Meanwhile the board also approved a final dividend payout of $8.44 million which will be paid out on the 9th of next month. Posted August 19 at 16:53

Editor's Note: See our archives for Victor Lal's comprehensive coverage on the Vakatora Holdings and the collapsed NBF

1 comment:

Anonymous said...: Vakatora is worth shiiit. He is one of a kind...the kana loto clan like maras, ganilaus et al.; August 20, 2010 at 5:09 PM

YOU HEARD IT HERE FIRST

While flags were flying high and the illegal PM prancing around Natadola entertaining G77 high flyers, a naval officer's family was in mourning.

During an exercise off the MV Kiro, anchored just off the Intercontinental Resort, a 51 yr old naval officer drowned under very mysterious circumstances.

Cranky Franky was not informed of the death until well after the meeting was over - and he proceeded with fanfare and fireworks - with no regard to his men or their fellings about their fallen comrade.

The diplomatic community gathered at the event would have understood if Frankly Bananas would have informed them of the incident and conducted a muted farewell - befitting an officer and a gentleman.

Police higherarchy confirmed the incident but were unable to offer a plausible explanation as to how the incident could have happened.

The country's oldest and now timid daily ran a short piece in Thursday May 19 on page 7 where Tuidravu said the naval officer was swimming to shore as part of a security detail exercise when the incident happened.

Is this an omen perhaps ? Something to think about especially since it happened within weeks of regime supporter Tui Macuata's mysterious drowning incident.