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Thursday, October 05, 2006

Flour Mills of Fiji's profits fall

Flour Mills of Fiji, a company listed on the South Pacific Stock Exchange in Suva, Fiji, has recorded a fall in profits in its latest financial results for the year ended 30 June 2006. The company said a major cause of the reduction has been increased competition.

Profits before tax fell to F$1.6 million in the year to June 2006 compared to F$1.8 million made in the corresponding period last year.

The company said as a result of competition there was a decline in sales with the company losing and then regaining market share. High wheat prices during the last financial year and the Prices and Incomes Board not granting the company a much-needed price increase resulted in the less than favourable financial results.

The price increase was finally granted in August 2006 from which the company expects to have improved performance in the financial year to June 2007.

The increase in use of flour in-house, namely in the company's biscuit factory, had helped the company avoid losses. This would be further complemented with the commissioning of a noodle plant later this year.

A diversification into the snack food market also looks promising for the company. The company has started snack exports to Pacific Island countries and has plans to export to New Zealand and Australia.

Flour Mills of Fiji has subsidiary companies such as the Biscuit Company of Fiji, the Rice Company of Fiji Limited, Pea Industries Limited, the Atlantic Packaging Company Limited, FMF Snax and DHF Limited.

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