Fiji Sugar Corporation reported a revenue of $235.2 million for the financial year ending May 31, indicating a 12 percent increase due to rising sales and higher prices. This growth occurred despite a 15 percent decrease in crop production, primarily linked to unfavorable weather conditions.
Board chairman Nitya Reddy noted this was the highest revenue recorded in the past 18 years, underscoring the sugar industry’s vital role in Fiji’s national economy. He emphasized the resilience of the FSC in overcoming significant challenges, particularly in light of the long-standing neglect and mismanagement that have plagued operations for decades.
Reddy highlighted that the sugar industry, especially FSC, has faced some of the most critical issues in its 150-year history. These challenges stem from ineffective management over the past two decades, leading to a crisis of unprecedented scale. He pointed out that all performance metrics have suffered significantly, with unsustainably low cane production, decreasing sugar output and revenues, crippling inefficiencies, and deteriorating infrastructure due to inadequate maintenance and investment.
“This is a crucial period for both our past and future,” Reddy remarked. He stated that FSC is committing all its efforts and resources to restore confidence across the industry, a task that should not be underestimated. While acknowledging the ongoing challenges, he expressed determination to overcome them through exploring new market opportunities and strengthening partnerships for long-term success.