Fiji Television Ltd, a publicly traded company, announced a decrease in revenue for the fiscal year ending June 30. The total revenue for the year was reported at $6 million, reflecting a 12 percent drop from the $6.9 million generated in the previous year.
The company attributed this decline to various factors, including a challenging economic climate, increasing competition from digital platforms, rising content costs, and regulatory limitations that affected revenue opportunities.
Despite efforts to control costs and improve operational efficiencies, Fiji Television Ltd experienced a net loss of $304,676 for the year, a significant decline from the net profit of $421,939 recorded in the prior financial year.
In response to these challenges, the management is undertaking a thorough review of its operations. They plan to introduce strategic initiatives aimed at enhancing financial performance, including diversifying revenue sources, optimizing operational efficiencies, and improving content quality to better meet market demands.
Chairman Nesbitt Hazelman expressed the board’s commitment to strengthening revenue streams and providing better returns for shareholders.