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Wednesday, October 15, 2008

Fiji Sugar Corporation makes a loss

The Fiji Sugar Corporation Limited (FSC), a company listed on the South Pacific Stock Exchange (SPSE) made a net loss of over F$19.331 million for its financial year ending 31 May 2008.

This was after recording a net profit after tax of F$6.591 million for its 2007 financial year. The loss in 2008 was due to a reduction in operating revenue of 13.70% and a fall in sugar production.

The FSC received F$25 million from Government to pay for cane supplied by growers before the company receives proceeds from its sales.

The FSC has entered into a F$1 billion deal with the European Union for the preferential supply of 300,000 tonnes of raw sugar annually for the next seven years. This commenced from 30 September 2008.

The company has also entered into a memorandum of Understanding with Japan–based Sojitz Corporation to investigate the feasibility of ethanol production in Fiji. The project is expected to be completed by the end of 2009.

The sugar industry is important to the Fiji economy as it is one of the major foreign exchange earners for the country. It contributes 5.60% of Gross Domestic Product (GDP) and 30.00% of total exports.

The company has also announced that its Annual General Meeting will be held on 30, October 2008, 10.00am, at the Conference Room, Waterfront Hotel, Lautoka.

Individuals and groups that need investment advice can use our company, Gilbert & Samuels Company Limited. Our contacts are: telephone (679) 3342719 or e-mail: info@gilbert.com.fj.

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