Port Denarau Marina Ltd (PDM) has announced a net operating profit of $3.3 million for the financial year ending July 31, 2024. This 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, show total comprehensive income at $6.2 million, down from $8.2 million the previous year. The firm reported an operating profit of $4.4 million, slightly lower than the $4.5 million recorded the previous year, primarily due to a decline in the fair value of investment properties.
PDM explained that the dip in profits is largely attributable to rising operational expenses, which include increased costs for infrastructure maintenance, higher levies, and labor-related challenges. On a positive note, the company reported a 7 percent increase in revenue compared to the previous year.
Despite global economic uncertainties, PDM remains hopeful about improving its trading performance in the upcoming year. The company also mentioned that planned infrastructure upgrades at the marina are aimed at enhancing service quality. They emphasized their commitment to innovation and their goal of becoming the leading marina facility in the Pacific.