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