Fiji Television Ltd, a publicly traded company, has reported a decline in revenue for the fiscal year ending June 30. The company’s total revenue reached $6 million, marking a 12 percent drop from last year’s $6.9 million.
The company attributed this decrease to a challenging economic climate, heightened competition from digital platforms, increasing content costs, and regulatory limitations that have impacted revenue-generating opportunities. Despite ongoing efforts to manage costs and improve operational efficiencies, Fiji Television posted a net loss of $304,676 for the year, a significant decline from the net profit of $421,939 from the previous fiscal year.
In response to these challenges, the management plans to undertake a comprehensive review of operations and implement strategic initiatives designed to enhance financial performance. These initiatives will focus on diversifying revenue sources, optimizing operational efficiencies, and improving content quality to better meet market demands.
FTV chairman Nesbitt Hazelman reaffirmed the board’s commitment to strengthening revenue streams and delivering better returns to shareholders.