Fiji Television Ltd, a publicly listed company, has reported a drop in revenue for the fiscal year ending June 30. The total revenue reached $6 million, reflecting a 12 percent decrease compared to $6.9 million from the previous year.
The company attributed this decline to a tough economic environment, increased competition from digital platforms, rising content costs, and regulatory constraints that have affected revenue opportunities.
Despite attempts to manage expenses and improve operational efficiency, Fiji Television recorded a net loss of $304,676 for the year, down from a net profit of $421,939 from the previous fiscal year.
In response to these challenges, management is undertaking a thorough review of its operations and plans to implement strategic initiatives aimed at enhancing 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 emphasized the board’s dedication to strengthening revenue streams and providing better returns to shareholders.