ATH profit drops $10m

November 05, 2009 03:26:12 PM

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Fiji’s Amalgamated Telecom Holdings (ATH) has recorded a $10.1 million drop in its profits for the half year ended September 30, over the same period last year.

In a market announcement on the South Pacific Stock Exchange, ATH said it recorded an interim and unaudited consolidated net profit after tax and minority interest of $9.3 million for the year to September.

The current trend meant ATH was “most likely to achieve a lower full year consolidated profit this financial year than last financial year”.

Consolidated sales revenue for the group fell by $17.5 million or 11.8 percent due to “relatively weak trading conditions in the local economy, competition and the global financial crisis”.

A fall in sales revenue within that magnitude had been expected for those reasons, the announcement said.

However, the results by quarter provided optimism for improvement in the remaining part of the financial year, ATH said.

The group consolidated sales revenue increased by four percent in the second quarter ended September 30 against the first quarter ended June 30.

“It is hoped that this momentum will carry through to the third quarter ending 31 December 2009 and the final quarter ending 31 March 2009 which are traditionally busier periods with a number of religious festivities and other major activities forming part of celebrations for the end of the 2009 calendar year and start of the 2010 calendar year.”