Pacific Green Industries Fiji (PGI), a manufacturer and retailer of coconut palm furniture, has urged the Government and all stakeholders to focus on purchasing local products. Chairman Ravin Chandra emphasized that this decision would not only boost national pride but also create a lasting impact on international visitors, highlighting what makes Fiji unique on the global stage.
“By promoting the uniqueness of our local products and talents, we can directly and positively affect job creation, especially in the rural areas of Sigatoka,” Mr. Chandra stated. He added that supporting Pacific Green is not only an investment in the economy but also a demonstration of commitment to sustainability and excellence.
Mr. Chandra’s remarks followed the release of PGI’s financial performance report for the six months ending June 30, 2024. The company reported a net profit of $145,548, a slight decline from $217,526 during the same period the previous year. Total income was recorded at $1,812,875, showing a decrease from $2,189,861 a year earlier.
The decline in revenue has been attributed to several factors, including a shrinking customer base due to mass migration, ongoing legal battles related to their online marketplace, and a reduction in discretionary spending in the country, along with the availability of cheaper, inferior imported goods.
To address these revenue challenges, PGI has implemented proactive cost management strategies, such as securing competitive pricing for raw materials amidst global supply chain disruptions and negotiating better freight terms to mitigate rising transportation costs.
Additionally, PGI’s net assets increased to $6.9 million, up from $6.7 million as of December of the previous year, while total assets rose to $8.4 million from $7.8 million in 2023, reflecting a commitment to long-term financial growth.