ATH publishes FY2009/10 financial results

19 Aug 2010

Amalgamated Telecom Holding Limited (ATH), a Fiji-based telecommunications holding company which provides a range of telecoms and related services through Telecom Fiji, Vodafone Fiji, Fiji Directories, Xceed, Transtel and Connect, posted a mixed set of results for its financial year ending 31 March 2010. Telecom Fiji reported a net loss of FJD6.7 million (USD3.5 million), Vodafone Fiji booked net profit of FJD22 million (42.4% less than in FY2008/09), Fiji Directories posted an 11.8% year-on-year rise in net income to FJD1.1 million, Xceed reported modest profits, while Transtel and Connect both made losses in the period under review. In the wake of the weak performance, calls are growing for the separate subsidiaries to be listed on the Stock Exchange to boost returns. ATH chairman Taito Waqa confirmed that ATH consolidated sales revenue was down 10.4% year-on-year and that the decline spread companywide, with the exception of Fiji Directories. Meanwhile, ATH chief executive officer Tomasi Vakatora confirmed that the idea of spinning off each unit was an option which they are ‘looking into’.

Fiji, Telecom Fiji Limited (TFL), Vodafone Fiji