Pacific Green Industries Fiji (PGI), a manufacturer and retailer of coconut palm furniture, is urging the Government and stakeholders to prioritize the purchase of local products. Chairman Ravin Chandra stated that such a decision would not only enhance national pride but also create a memorable experience for international visitors, highlighting what makes Fiji unique on the global scene.
Chandra emphasized that by showcasing the uniqueness of local products and talents, there would be a direct positive impact on job creation, especially in the rural area of Sigatoka. “Supporting Pacific Green is not only an investment in our economy but also a commitment to sustainability and excellence,” he remarked.
His comments came as PGI announced its financial results for the six months ending June 30, 2024. The company reported a net profit of $145,548, reflecting a decrease from $217,526 during the same timeframe last year. Total income for the period was $1,812,875, which is down from $2,189,861 in the previous year.
Chandra attributed the revenue decline to several factors, including a shrinking customer base due to mass migration, ongoing legal issues surrounding their online marketplace, and a reduction in discretionary spending nationwide, along with the presence of cheaper, lower-quality imported products. He indicated that the company had implemented proactive cost management measures to tackle these challenges, such as securing more competitive pricing for raw materials and negotiating better freight terms to offset rising transportation costs.
Additionally, PGI’s net assets rose to $6.9 million from $6.7 million as of December of the previous year, and total assets increased to $8.4 million from $7.8 million in 2023, demonstrating the company’s ongoing commitment to financial growth.