ATH reports strong rise in 2011/12 profit

3 Jul 2012

Fijian communications group Amalgamated Telecom Holdings Limited (ATH) has reported consolidated net profit of FJD33.17 million (USD18.30 million) for the full year ended 31 March 2012, near doubling the FJD17.67 million income it booked in fiscal 2010/11. In an announcement through the South Pacific Stock Exchange, ATH said that consolidated net profit after tax and minority interests reached FJD18.36 million in the period under review, compared to FJD4.14 million in the year to 31 March 2011, on revenues of FJD249.41 million, up 1% year-on-year from FJD 247.07 million previously. ATH controls a number of local subsidiaries including Telecom Fiji Limited (TFL), Vodafone Fiji, Fiji Directories Limited, Internet Services Fiji Limited (Connect) and Fiji International Telecoms Limited (FINTEL).

In March this year ATH completed the acquisition of a 49% stake in FINTEL from Cable & Wireless Communications (CWC) for a total cash consideration of approximately USD10.6 million. At the time, CWC released a statement saying that the sale was consistent with its strategy to ‘reshape its portfolio and develop the business around full-service telecommunications operations in a series of core regional hubs’. FINTEL provides international telecommunications solutions in Fiji, as well as wireless broadband and internet service provider (ISP) services. The government of Fiji owns the remaining 51% of shares in the company, which is managed on its behalf by ATH.