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Amalgamated Telecom Holdings group has commissioned a further $62 million of fixed assets in the financial year to March, taking total group assets to over $500m.
Illustrating the strength of the ATH balance sheet, ATH chief executive officer Tomasi Vakatora told shareholders at the annual meeting today that group debt represented only 13.6 per cent of its assets.
He said the new debt gearing ratio of borrowings against equity was 22.3 per cent.
Vakatora emphasized that borrowings are for buying capital assets, which will generate income and improve returns.
Group chairman Taito Waqa said although its profit in the last financial year was reduced by 28 per cent to $33.1 million, the directors decided that payment of dividend was well within the company’s ability.
Waqa announced a final dividend of $16,884,194, or 4 cents per share, making the total for the year of $33.7 million.
Nearly $20 million goes to the Fiji National Provident Fund (majority shareholder).
The Fiji Government (second largest shareholder) is to get almost $12 million with approximately 890 smaller shareholders sharing the rest.
Waqa said other positives of the year included the attainment of consolidated sales revenue of $284.2 million, as against $269.6 million in the 12 months to March 2008; a record expansion of fixed line connections by Telecom Fiji Limited and Vodafone Fiji Limited reaching a new high in customer numbers.
Shareholder and former ATH chairman Kanti Tappoo said the organization and its directors had done “a good job” despite the tough economic environment.
Meanwhile, the meeting today endorsed Government nominee, acting Deputy Secretary at the Ministry of Finance David Kolitagane as director to replace Mesake Nawari who has retired from the board.
He joins Taito Waqa, Arun Narsey, John Prasad, Ajith Kodagoda And Tom Ricketts on the board.
Shareholders also approved the total remuneration of $90,000 for its directors be maintained for the next financial year, ending March 31, 2010.
