ATH boosts revenue by 4%, swings to net profit in FY 2013/14

1 Aug 2014

Fiji’s largest telecoms group Amalgamated Telecom Holdings (ATH) has published its audited financial results and annual report for the financial year ended 31 March 2014 (FY 2013/14) in which it posted consolidated group revenue growth of 4% to FJD281 million (USD151 million), up from FJD270 million in FY 2012/13, due to ‘strong and continued growth’ in fixed/mobile internet and data services. The fixed line, wireless and broadband group’s consolidated net profit swung to FJD14.5 million in the twelve-month period, compared to a net loss of FJD15.9 million in the previous financial year, while ATH recorded consolidated EBITDA of FJD93.1 million in FY13/14, up from FJD26.2 million year-on-year. ATH chairman Ajith Kodagoda, commented on the annual report, which was released by the South Pacific Stock Exchange yesterday: ‘Our financial performance has been robust despite the intense competition faced in the telecommunications sector. The result this year has come about from some hard decisions including the refreshing of infrastructure and the continuing restructure undergone over the past four years … Our forward-looking investments in next-generation technology and network infrastructure are ushering in the future of telecommunications to Fiji.’ Among recent important developments at the group, in August 2013 ATH completed its takeover of Fiji International Telecoms Limited (FINTEL), raising its stake from 51% to 100% by acquiring shares previously held directly by the government, while in December 2013 ATH’s Vodafone Fiji-branded wireless division commercially launched its LTE mobile broadband network (claiming a first in the South Pacific). In events following the end of the FY13/14 fiscal year, in May 2014 ATH’s PSTN division Telecom Fiji Limited (TFL) launched its ‘Connect Infinity’ fibre-to-the-home (FTTH) service, and a month later the UK’s Vodafone Group exited the group by selling a 49% stake in Vodafone Fiji to Fiji National Provident Fund.