The Fiji Sugar Corporation has announced a considerable loss of $5 million due to operational setbacks, alongside a net loss before income tax of $23 million as of May 31, 2023. This information was disclosed in the 2023 FSC Annual Report.
As of the end of May 2023, the Corporation’s total liabilities surpassed its total assets, resulting in a net liability of $400 million. Additionally, current liabilities exceeded current assets by $175.1 million.
The FSC faces a debt repayment obligation of $147.2 million for the financial year ending May 31, 2023. The report emphasizes the necessity for funding to support its working capital needs, capital expenses, and to cover operational losses.
Auditors have indicated that the Corporation’s financial situation, combined with high debt levels and ongoing losses, suggests that without government assistance, the FSC may not remain viable in the long term.