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Communications Fiji after tax profit $432,929

Staff writer |
South Pacific radio and entertainment conglomerate Communications Fiji (CFM) announced a group after tax profit of $432,929 for the six months to June 30 this year.

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The profit was more than the corresponding period last year of $417,071. CFM chairman Matt Wilson said the result indicated steady growth.

"After a relatively slow start to the year, revenue picked up strongly and we expect that trend to continue for the rest of the year."

He said CFM's subsidiary in Papua New Guinea, PNG FM, recorded a good increase in profits for the first six months compared with last year.

"There is some uncertainty about the PNG economy going forward. However, we have been in the market for 21 years and remain confident of the long-term prospects for PNG. PNG FM's investment in cinema company Paradise Cinema Ltd recorded a loss for the first six months, The Fiji Times reports.

"Its new cinemas at Waigani Central in Port Moresby continue to be a challenge. A recent fire at the Waigani complex, while not damaging the cinemas, resulted in a month's shutdown."

Wilson said they were concerned about the investment but remained convinced that it would deliver returns in the long term. He said they were in discussion with other shareholders about appropriate actions to be taken. As a matter of good governance, Mr Wilson said, impairment tests would be conducted.

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