Pacific Green Industries Fiji (PGI), a producer and retailer of coconut palm furniture, has urged the Government and other stakeholders to give priority to purchasing local products. Chairman Ravin Chandra emphasized that this move would not only promote national pride but also make a significant impression on international visitors by highlighting Fiji’s unique offerings.
Chandra stated, “By highlighting the uniqueness of our local products and talents, we can directly and positively influence job creation, particularly in the rural area of Sigatoka.” He added that supporting Pacific Green is more than just an economic investment; it’s a commitment to sustainability and quality.
His remarks came as PGI announced its financial results for the six months ending June 30, 2024. The company reported a net profit of $145,548, down from $217,526 during the same period last year. Total income declined to $1,812,875, compared to $2,189,861 the previous year.
“The drop in revenue can be attributed to several factors, including a reduced customer base due to mass migration, ongoing legal issues related to our online marketplace, decreased discretionary spending in the country, and the availability of cheaper imported alternatives,” Chandra explained in a report from the South Pacific Stock Exchange (SPX).
To address the revenue challenges, PGI has implemented proactive cost management strategies, such as securing cost-effective pricing for raw materials despite global supply chain disruptions and negotiating better freight terms to offset rising shipping costs.
Additionally, PGI’s net assets rose to $6.9 million from $6.7 million as of last December, and total assets have increased to $8.4 million from $7.8 million in 2023, highlighting the company’s long-term financial growth plans.