17 Dec 2003

Fiji Sugar Corporation reports US$6.6m loss

11:51 am on 17 December 2003

The technically bankrupt Fiji Sugar Corporation has reported a loss of 6.6-million US dollars for the financial year ending last March.

And it is forecasting a loss of a further 10-million US for the current financial year.

The corporation had already accumulated losses of 16.5 million US dollars for the 2001 and 2002 financial years.

The corporation is only able to continue operations with government grants and state guaranteed bank loans.

Its chairman Hafiz Khan says if the restructure plans are implemented, the corporation can start to break even within tax years.

But the Labour Party leader, Mahendra Chaudhry, says the company is using its losses to push through restructure plans which are against the farmers.

Mr Chaudhry has called for the sacking of the company board and management.