Pacific Green Industries Fiji (PGI), known for its coconut palm furniture, has urged the Government and stakeholders to prioritize purchasing local products. Chairman Ravin Chandra emphasized that making this choice would not only enhance national pride but also leave a significant impact on international tourists, highlighting what makes Fiji unique on the world stage.
“By promoting our local products and talents, we can directly influence job creation, particularly in the Sigatoka rural area,” Mr. Chandra stated. He added that supporting Pacific Green is an investment in the economy and reflects a commitment to sustainability and excellence.
This call to action coincided with PGI’s release of its financial performance for the six months ending June 30, 2024. The company reported a net profit of $145,548, a decline from $217,526 during the same timeframe last year. Total income was $1,812,875, marking a decrease from $2,189,861 earned in the previous year.
Mr. Chandra attributed the revenue decline to several factors, including a reduced customer base due to mass migration, ongoing legal issues related to their online marketplace, decreased discretionary spending in the country, and the presence of cheaper, inferior imported alternatives.
In response to these challenges, PGI has implemented cost management strategies focused on securing competitive pricing for raw materials and negotiating better freight terms to mitigate rising transportation expenses. The company also saw growth in its net assets, which reached $6.9 million, up from $6.7 million as of December last year, with total assets increasing to $8.4 million from $7.8 million in 2023, reflecting its ongoing commitment to financial growth.