The Fiji Sugar Corporation (FSC) reported a revenue of $235.2 million for the financial year ending May 31, showcasing a 12 percent increase attributed to higher sales and improved prices. This growth occurred despite a 15 percent decline in crop production, largely due to unfavorable weather conditions.
FSC’s board chairman, Nitya Reddy, noted that this revenue marks the highest the corporation has achieved in the last 18 years, underscoring the sugar industry’s critical role in Fiji’s national economy. He commended FSC for demonstrating resilience while navigating significant challenges, particularly in light of the historical neglect and mismanagement that have plagued the sector for decades.
Reddy highlighted that the industry has faced serious troubles in its 150-year history, primarily due to poor management and oversight over the past 20 years, culminating in what he termed an unprecedented existential crisis.
He pointed out that multiple performance metrics have significantly deteriorated. The problems include unmanageably low cane production, falling sugar output and revenue, crippling inefficiencies, and aging mill infrastructure resulting from insufficient maintenance and capital investment, all contributing to the present crisis.
“This is a pivotal moment for both our history and future,” he stated. “We are committed to rebuilding confidence across all levels of the industry, a challenge that should not be underestimated.”
Reddy acknowledged the ongoing challenges but expressed determination to overcome them by seeking new market opportunities and strengthening partnerships to secure long-term success for FSC.