Port Denarau Marina Ltd (PDM) has announced a net profit of $3.3 million for the financial year ending July 31, 2024. This marks a decrease compared to last 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 fell to $6.2 million from $8.2 million in the previous year. Despite the overall decline in profits, which the company attributes largely to a reduction in the fair value of investment properties, it reported an operating profit of $4.4 million, slightly down from last year’s $4.5 million.
PDM noted that the minor decrease in profit is primarily due to rising operating expenses, including increased infrastructure maintenance costs, higher levies, and challenges related to labor. However, the company is pleased to report a 7 percent rise in revenue compared to the previous year.
In light of global economic uncertainties and heightened risks, the company remains optimistic about achieving better trading performance in the upcoming year. Planned infrastructure improvements at the marina are expected to enhance the quality of services provided. PDM highlighted that their team has worked diligently over the past year to innovate and realize their goal of becoming the premier marina facility in the Pacific.