Amalgamated Telecom Holdings has recorded a consolidated net profit and minority interest of $33.144 million for the year ended 31 March, 2009.
The profit declined by 22.2 per cent compared to $46.149m in the previous year, which had been a record.
In a statement, ATH announced that the decline was against a backdrop in increased consolidated sales revenue by 5.4 per cent driven mainly by the mobile part of its business.
It said, however, that competition in the mobile sector from October 1 last year affected sales margins across all group companies.
Increase in direct costs caused a decline in overall profit margin as well, it adds.
The ATH group includes, Telecom Fiji Limited, Vodafone Fiji Limited, Fiji Directories Limited, Internet Services Fiji Limited (Connect), Xceed Pasifika Limited, and Transtel Limited.
Meanwhile, ATH recorded very weak trading conditions during the last quarter of the last financial year.
It attributed this to the flow on effects of the global financial crisis, and relatively weak trading conditions in the domestic market due to flooding in January, 2009.
The ATH board has recommended a final dividend of $16,884,194.72 or 4 cents per share for approval by shareholders at its 11th AGM on August 20.
BUSINESS NEWS
ATH records drop in profit
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