FHL Groups Records over $6 million Profit in First Quarter

Oct. 3, 2017, 6:23 a.m.

FHL Tower2

FIJIAN Holdings Group recorded a profit after tax growth of 12 percent for the three months ending September 30, 2016, its first quarter financial results revealed this week.

Its post-tax profit for the three months stood at $6.2 million compared to $5.5 million achieved in the same period last year, with Group chairman, Iowane Naiveli commending the continued strong performance of the Group companies as reported in the last financial year.

“Group revenue has increased by nine percent compared to September 2015 results,” its market announcement noted.

“The cash position for the Group has significantly improved in comparison to the 2015 results due to strong performance by subsidiaries in the last financial year.

“In consistency with last audited accounts, the “held to maturity assets” for group accounts have been reclassified to “Loans, advance and receivables.” Moreover, the increase in available-for-sale assets is due to year-end revaluation of investments when compared to the same period last financial year.”

As of September 30, Group assets stand at $481 million while shareholders’ funds reach $224 million.

Group companies include its real estate subsidiary, FHL Properties Limited, which holds 10 percent of its portfolio and provides property management services, real estate services and property development such as the upcoming 14-storey commercial complex, FHL Towers, in the capital.

FHL Properties’ total property portfolio stands at around $30 million, with properties including Vanua House, Ratu Sukuna House and the Ra Marama building in Suva.