South Pacific’s largest broadcast organisation, Communications Fiji Ltd, which is the parent company of Legend FM, FM96, Viti FM, Navtarang and Radio Sargam, has announced an after-tax profit of $2.234 million in 2019 compared to $2.943 million in 2018.
Company Chairman, William Parkinson says the result was a pleasing one considering the economic challenges faced in both Fiji and Papua New Guinea in 2019.
Parkinson says the year was a year of change and achievement across the group.
He says CFL finished the year in a strong position, both financially and delivering record levels of audience reach from our broadcast and online products.
The board of Communications Fiji Ltd has met and decided, in light of the growing challenge from the COVID-19 pandemic, not to issue a final dividend.
Parkinson says CFL has enough cash reserves in both Fiji and Papua New Guinea and are currently debt free but these are very uncertain times.
He says the board felt it prudent that CFL uses these reserves to support the team members and most importantly to make sure they continue to deliver the level of service listeners and online users have come to expect over the last 35 years, especially in times of national crisis.
Parkinson says CFL management teams in both countries are currently monitoring the situation closely and the company will be making further announcements once it gets a clear picture of the financial impact of the pandemic on business operations in 2020.
Story by: Vijay Narayan