Port Denarau Marina Ltd (PDM) has announced a net operating profit of $3.3 million for the fiscal year ending July 31, 2024. This marks a decrease from the previous year’s profit of $6.6 million.
As per the audited financial statements released by the South Pacific Stock Exchange (SPX), total comprehensive income for the company was reported at $6.2 million, down from $8.2 million the year before.
The company noted, “Despite the overall decline in profits, mainly due to a reduction in the fair value of investment properties, we achieved an operating profit of $4.4 million, which is slightly lower than last year’s $4.5 million.” This small drop can largely be attributed to rising operating costs, including increased infrastructure maintenance expenses, higher levies, and labor challenges. However, the company also reported a 7 percent increase in revenue compared to the previous year.
In light of global economic uncertainties and associated risks, the company expressed optimism about improving trading performance in the upcoming year. PDM highlighted that planned infrastructure enhancements at the marina would further improve the quality of its services.
“Our team has diligently worked over the past year to innovate and realize our vision of becoming the premier marina facility in the Pacific,” the company stated.