FINTEL reports improving finances with profits back in the black

23 Oct 2014

Fiji International Telecommunications (FINTEL) says it recorded a pre-tax profit of FJD7.6million (USD3.98 million) and net profit of FJD6.3 million for the year to 31 March 2014, reversing a net loss of FJD2.6 million in the prior financial year, The Fiji Times reports. The figures were published by parent company Amalgamated Telecom Holdings (ATH) when publishing its official annual report 2014 at the annual general meeting held in Suva yesterday where Ajith Kodagoda was re-elected chairman of the board. Fiji’s largest telecoms group, ATH reported consolidated group revenue growth of 4% to FJD281 million for the financial year ended 31 March 2014 (FY 2013/14), 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.

Turning back to FINTEL’s performance, ATH said: ‘Global international bandwidth demand, measured in terms of used international capacity, reached 138Tbps in 2013 … This represents a 4.5-fold increase from the 30Tbps of demand used globally in 2009. For the same period, Fiji’s international capacity usage on the Southern Cross Cable increased five-fold from 1Gbps in 2009 to 5Gbps in 2013 … FINTEL continues to provide an efficient network, ensuring operations meet changing customer and market needs, and providing efficient and effective network availability and quality.’