The Fiji Sugar Corporation (FSC) reported a revenue of $235.2 million for the financial year ending May 31, reflecting a 12 percent increase bolstered by rising sales and higher prices. This revenue surge occurred despite a 15 percent decrease in crop production, primarily caused by unfavorable weather conditions.
FSC board chairman Nitya Reddy indicated that this revenue figure marks the highest returns for the company in the last 18 years, underlining the crucial role of the sugar industry in Fiji’s national economy. He emphasized the resilience demonstrated by FSC in navigating significant challenges, particularly amidst the historical neglect and mismanagement that have affected operations for decades.
Reddy pointed out that the industry and FSC have faced some of the most serious issues in their 150-year history, stemming from ineffective management in the past two decades. He described the situation as an existential crisis unlike any seen before, with all performance metrics suffering critically.
Issues such as unsustainably low cane production, a decline in sugar output and revenue, severe inefficiencies, and a decaying mill infrastructure due to inadequate maintenance and lack of capital investment have contributed to the current situation.
“This period is pivotal not only for our past but also for our future,” Reddy stated. He committed to directing all efforts and resources towards rebuilding confidence throughout the industry, acknowledging the challenges ahead. However, he expressed determination to overcome these obstacles, suggesting that by exploring new market opportunities and strengthening partnerships, FSC can secure long-term success.