4 Aug 2005

Fiji's ATH announces US$15m profit

7:28 am on 4 August 2005

Fiji's Amalgamated Telecom Holdings Limited has announced a net profit after tax of almost 15-million US dollars or the financial year ending on March 31st this year.

The figure is a drop of over 42-percent from the profit the previous financial year.

ATH is the majority shareholder in all of Fiji's telecom companies, each of which has a monopoly in its area of operations.

Its chairman, Kanti Tappoo, has attributed the profit drop to a number of one-off items such as redundancy payments to 500 staff shed by Telecom Fiji and 57 staff from Exceed Pacifica.

This cost over 6-point-7 million US dollars.

Mr Tappoo says there is some uncertainty about the company's prospects for next year because of the Commerce Commission's pending ruling on telecommunications prices.

But, he says, the directors of the company are committed to an annual dividend payment of 6-cents per share for the next 2 years.