Fiji Television Ltd, a publicly traded company, has reported a decline in revenue for the fiscal year that ended on June 30. The total revenue for the year was $6 million, representing a 12 percent decrease compared to the $6.9 million recorded in the previous year.
The company attributed this decrease to a tough economic landscape, heightened competition from digital platforms, increasing content costs, and regulatory limitations that have affected opportunities for generating revenue. In a statement issued to the South Pacific Stock Exchange (SPX), Fiji Television acknowledged these challenges.
Despite efforts to control costs and improve operational efficiency, the company experienced a net loss of $304,676 for the year, a stark contrast to the net profit of $421,939 reported in the prior financial 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. The focus of these initiatives will be on diversifying revenue sources, optimizing operational efficiency, and improving content quality to better meet market demands.
Nesbitt Hazelman, chairman of Fiji Television, reiterated the board’s commitment to strengthening revenue streams and delivering better returns to shareholders.