The Fiji Sugar Corporation has reported a substantial loss of $5 million stemming from operational issues, along with a net loss before income tax totaling $23 million as of May 31, 2023. This information was presented in the 2023 Annual Report of the FSC.
As of the same date, the Corporation’s total liabilities surpassed its total assets, leading to a net liability of $400 million. The report also indicates that current liabilities are $175.1 million higher than current assets.
FSC faces a debt repayment obligation of $147.2 million for the fiscal year ending May 31, 2023. The report emphasizes a pressing need for funding to address working capital needs, capital expenditures, and cover ongoing operating losses.
Auditors noted that due to the Corporation’s financial circumstances and high levels of debt, along with persistent losses, it may not be able to operate without government assistance.