Pacific Green Industries Fiji (PGI), a company specializing in the manufacture and retail of coconut palm furniture, has urged the Government and all stakeholders to prioritize local product purchases.
Chairman Ravin Chandra emphasized that such a decision would not only enhance national pride but also create a lasting impression on international visitors, highlighting what makes Fiji unique on the global stage.
“By showcasing the uniqueness of our local products and talents, we can have a direct and beneficial effect on job creation, especially in the Sigatoka rural area,” Mr. Chandra stated. He added that supporting Pacific Green represents both an investment in the local economy and a commitment to sustainability and excellence.
These remarks came as PGI released its financial performance report for the six months ending June 30, 2024. The company reported a net profit of $145,548, down from $217,526 in the same period last year. Total income also saw a decline to $1,812,875 from $2,189,861 a year prior.
Mr. Chandra attributed the reduced revenue to several factors, including a shrinking customer base due to mass migration, ongoing legal issues related to their online marketplace, decreased discretionary spending in the country, and the availability of cheaper, lower-quality imported alternatives.
In response to these challenges, PGI has implemented proactive cost management strategies, such as securing competitive pricing for raw materials amid global supply chain disruptions and negotiating better freight terms to mitigate rising transportation costs.
Additionally, PGI’s net assets increased to $6.9 million from $6.7 million as of December last year, while total assets rose to $8.4 million from $7.8 million in 2023, highlighting the company’s ongoing commitment to financial growth.