ATH reports 53.5% drop in net income

2 Jul 2010

Fiji’s Amalgamated Telecom Holdings (ATH) group recorded net profit of USD15.4 million for its financial year ended 31 March 2010, down a significant 53.5% on the USD33.1 million profit booked in the previous year. The company – comprising Telecom Fiji Limited (TFL), Vodafone Fiji Limited, Fiji Directories Limited, Internet Services Fiji Limited (trading as Connect), Transtel Limited, Xceed Pasifika Limited, ATH Technology Park Limited, ATH Call Centre Limited and Pacific Emerging Technologies – blamed the performance on a decline in sales revenue, intense local competition and a loss of market share. The results were exacerbated by redundancy packages paid to TFL workers and the foreign exchange loss due to the devaluation of the Fiji dollar, it said. Commenting on the results, ATH chief executive officer Tomasi Vakatora said: ‘The reduction in profit is in line with projection as announced on 19 May and was due to a combination of a decline in sales revenue and increase in expenses and incurrence of abnormal or one-off items.’