Bums Philp’s profits up

INCREASED stability in Fiji helped Burns Philp (South Sea) Co Ltd achieve a record F 57.2 million (U 554.97

million) after tax profit for the year to June 30. Earnings represented a lift of 36 per cent on last year’s result. Sales revenue was up 39 per cent to Fs7s million.

The company told the Australian Stock Exchange that stability under Fiji’s Interim Government was re flected in a buoyant Fiji economy and stronger consumer spending.

This helped all Fiji businesses. Burns

performances. The directors have recommended a final dividend.

Directors said the Fiji economy was also helped by strong sugar prices, increasing tourist numbers and the expanding

impact of the tax-free zones which have brought increased employment in the country. All the company’s Fiji divisions exceeded performance expectations, es pecially the home centre retailing and automotive sections.

BP branches in Western Samoa and Ame rican Samoa also showed increased profitability despite being hard hit by Cyc lone Ofa iii February. The Tonga branch also lifted turnover. But the company said that the impact of the loss of skilled and experienced staff through emigration continued and was

Philp said that its branches outside Fiji also improved their expected to remain a continuing feature in Fiji.

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