Fiji Television Ltd, a publicly traded company, has announced a drop in revenue for the fiscal year ending June 30. The total revenue reached $6 million, marking a 12 percent decrease from the $6.9 million reported in the previous year.
The decline is attributed to various factors, including a tough economic climate, increased competition from digital platforms, rising content costs, and regulatory constraints affecting revenue opportunities, as stated in a release on the South Pacific Stock Exchange (SPX).
Despite efforts to manage expenses and improve operational efficiencies, the company faced a net loss of $304,676 for the year, a significant downturn compared to the net profit of $421,939 recorded in the prior financial year.
In light of these challenges, the management is conducting a thorough review of its operations and plans to launch strategic initiatives to enhance financial performance. These initiatives aim to diversify revenue sources, optimize operational processes, and improve content quality to better meet market demands.
Chairman Nesbitt Hazelman emphasized the board’s dedication to strengthening revenue streams and delivering better returns to shareholders.