ATH reports FJD15.9m loss in FY2012/13

2 Jul 2013

Fijian state-backed group Amalgamated Telecom Holdings Limited (ATH), which has interests in the domestic market including Telecom Fiji Limited (TFL), Vodafone Fiji, Fiji Directories Limited, Internet Services Fiji Limited (Connect) and Fiji International Telecoms Limited (FINTEL), has recorded a consolidated (audited) net loss of FJD15.9 million (USD8.4 million) for its financial year ending 31 March 2013, reversing a net profit of FJD18.3 million in FY2011/12. ATH has attributed the results in the main to the loss on disposal of equipment recorded by Vodafone Fiji (FJD69 million) and impairment of assets of over FJD7 million in FINTEL. During the course of the twelve months under review, Vodafone Fiji undertook a major network transformation programme under which it replaced its entire mobile telecoms network infrastructure, ATH said. The parent group confirmed that the loss on disposal relating to the mobile division affected the company sooner than expected, due to the early completion of Vodafone’s nationwide 3G network. Meanwhile, FINTEL reported an FJD3 million impairment loss on plant and equipment and a separate loss of FJD4.9 million on intangible assets, it said.

ATH booked consolidated revenues of FJD270 million in fiscal 2012/13, up from FJD249 million previously, resulting in a slight improvement in operating contributions when compared to the previous fiscal year.