Port Denarau Marina Ltd (PDM) has announced an operating net profit of $3.3 million for the fiscal year ending July 31, 2024. This figure marks a decrease from the previous year’s profit of $6.6 million.
The company’s audited financial statements released by the South Pacific Stock Exchange (SPX) indicate that total comprehensive income was reported at $6.2 million, down from $8.2 million in the prior year. Despite the overall profit decline, primarily due to reduced fair value of investment properties, PDM achieved an operating profit of $4.4 million, slightly lower than last year’s $4.5 million. This decrease is largely attributed to increased operating expenses, which include higher infrastructure maintenance costs, raised levies, and challenges related to labor.
However, the company did report a 7 percent rise in revenue compared to the previous year. PDM expressed optimism about improving trading performance in the upcoming year, despite global economic uncertainties and heightened risks. The planned infrastructure upgrades at the marina are expected to enhance service quality, as the company strives to realize its vision of becoming the leading marina facility in the Pacific.