Port Denarau Marina Ltd (PDM) has announced an operating net profit of $3.3 million for the fiscal year ending July 31, 2024. In comparison, the previous year saw a profit of $6.6 million.
According to the company’s audited financial statements published by the South Pacific Stock Exchange (SPX), total comprehensive income decreased to $6.2 million, down from $8.2 million in the prior year.
The company reported an operating profit of $4.4 million, slightly below last year’s $4.5 million, primarily due to a decline in the fair value of investment properties. Rising operating expenses, including increased infrastructure maintenance costs, higher levies, and labor-related issues, contributed to this slight downturn. However, revenue increased by 7 percent compared to the previous year.
Despite challenges posed by global economic uncertainty, the company expressed optimism about enhancing trading performance in the upcoming year. Planned infrastructure improvements at the marina are expected to elevate service quality.
Over the past year, the PDM team has focused on innovation to realize their vision of becoming the leading marina facility in the Pacific.