Fiji Television Ltd, a publicly listed company, has reported a decline in revenue for the fiscal year ending June 30. The total revenue stood at $6 million, representing a 12 percent drop from the $6.9 million reported in the prior year.
The company attributed this decline to a difficult economic climate, heightened competition from digital platforms, increasing content costs, and regulatory limitations that have affected revenue-generating capabilities. In a statement released on the South Pacific Stock Exchange, Fiji Television Ltd also noted that, despite efforts to manage expenses and improve operational efficiency, it suffered a net loss of $304,676 for the year, compared to a net profit of $421,939 in the previous financial year.
In light of these challenges, management is undertaking a thorough review of operations and plans to implement strategic initiatives designed to bolster financial performance. These initiatives will concentrate on diversifying revenue sources, optimizing operational efficiencies, and enhancing content quality to better meet market demands.
FTV chairman Nesbitt Hazelman emphasized the board’s dedication to strengthening revenue streams and providing better returns to shareholders.