2 Sep 2005

Fiji coconut timber company announces half-year loss

10:18 am on 2 September 2005

The Fiji based company which is the world pioneer of manufacturing high class furniture from coconut palm timber, Pacific Green, has announced a loss of 1-point-2 million US dollars for the first six months of this year.

The Fiji Times reports that half off this loss has been attributed to the non-payment of their insurance claim after a fire gutted their Sigatoka workshop in November last year.

The remainder of the loss was from palm wood and contract milling costs.

Pacific Green has told the Suva-based South Pacific Stock Exchange that they are back in business both in Fiji and at their newly-established China factory which are both operating profitably.

Fiji would remain its head office and primary processing factory.

Pacific Green says if finances permit, its Fiji operations would be expanded to supply palm wood to the world market.