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Thursday, October 11, 2007

Fiji Sugar Corporation records F$6 million profit

The Fiji Sugar Corporation has recorded a F$6.9 million profit for the year ended 31 May 2007. This compares with the F$7.2 million loss made in the 2006 financial year.

The profit has been attributed to the sale of surplus sugar to the European Union after Africa, Caribbean and Pacific countries could not fulfill their EU quota. There were also significant improvements in mill performance and production during the year.

The company said that it sold one shipment of sugar to the European Union at three times more than the world sugar price.

The company and the sugar industry is also undergoing a restructure which is expected to be completed in 2008.

The upcoming challenge for the industry is the reduction in preferential sugar prices by 2009.

Fiji Sugar Corporation is listed on the South Pacific Stock Exchange in Suva.

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