Ministry of Information
Media Release
(Friday 26th August 2011, No:1622/MOF)
FINTEL Returns to Profitability – Declared F$2M Dividend
The Fiji International Telecommunication Limited (FINTEL) declared a dividend payment of $2.0million after the financial year ending March 31, 2011.
At its Annual General Meeting on Wednesday, August 24, the shareholders were told of a modest and positive rebound in financial performance by FINTEL.
It reported a consolidated net profit after tax of $1.064million in 2011 as opposed to a loss of $5.67million in 2010, a 118 per cent improvement by FINTEL.
The principal dividend beneficiary is the Fijian Government, of which it received $1.02 million equivalent to 51 per cent shares in FINTEL. Cable & Wireless PLC of United Kingdom holds the remaining 49 per cent.
This upturn of performance is attributed to strategic focus of a refreshed business model that embraced competition in the telecommunication sector.
Government applauds the Board of Directors, management and staff for their commitment and determination given the adverse performance in 2010, which was a direct consequence on the aftershocks of the global recessionary events, the liberalization challenges, domestic price policies and other emerging challenges within the telecommunication industry.
The Fijian Government also extends its commitment in ensuring that FINTEL’s core business is protected and well positioned to achieve stable and sustainable returns.
FINTEL returns to Profitability- - Declared F$2M Dividend
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