Pacific Green Industries Fiji (PGI), a manufacturer and retailer of coconut palm furniture, has urged the government and stakeholders to prioritize the purchase of local products. Chairman Ravin Chandra believes this initiative will not only foster national pride but also create a lasting impression on international visitors, highlighting what makes Fiji unique on the global stage.
By focusing on the uniqueness of local products and talents, Mr. Chandra emphasized that it would lead to a significant positive impact on job creation, particularly in the Sigatoka rural area. He stated that supporting Pacific Green is both an investment in the economy and a testament to the commitment to sustainability and quality.
These remarks came as PGI announced its financial performance for the six months ending June 30, 2024. The company reported a net profit of $145,548, which is a slight decrease from $217,526 in the same period last year. Total income for PGI was $1,812,875, down from $2,189,861 in the previous year.
The decline in revenue has been attributed to several factors, including a shrinking customer base due to mass migration, ongoing legal disputes related to the online marketplace, reduced discretionary spending in the country, and the availability of cheaper imported substitutes, according to Mr. Chandra.
In response to these revenue challenges, PGI has implemented proactive cost management strategies, such as securing competitive prices for raw materials amid global supply chain disruptions, and negotiating better freight terms to mitigate rising transportation costs.
Additionally, PGI’s net assets have grown to $6.9 million from $6.7 million as of last December, with total assets increasing to $8.4 million from $7.8 million in 2023, highlighting the company’s long-term dedication to financial growth.