Pacific Green Industries Fiji (PGI), a producer and retailer of coconut palm furniture, has urged the Government and stakeholders to focus on purchasing local products. Chairman Ravin Chandra emphasized that such a commitment would foster national pride and leave a lasting impression on international visitors, highlighting what makes Fiji unique on the global stage.
“By showcasing the distinctiveness of our local products and talents, we can have a direct and positive impact on job creation, especially in the rural areas of Sigatoka,” Mr. Chandra noted. He stressed that supporting Pacific Green not only represents an investment in the economy but also signifies a dedication to sustainability and excellence.
His remarks came as PGI released its financial results for the six months ending June 30, 2024. The company reported a net profit of $145,548 for the period, a decrease from $217,526 during the same timeframe last year. Total income fell to $1,812,875, down from $2,189,861 in the previous year.
Mr. Chandra attributed the revenue decline to several factors, including a reduction in the customer base due to mass migration, ongoing legal challenges related to its online marketplace, decreased discretionary spending, and competition from cheaper imported alternatives. In response to these challenges, PGI has employed proactive cost management strategies, such as obtaining competitive prices for raw materials despite global supply chain disruptions and negotiating better freight terms to mitigate rising transportation costs.
The company’s net assets grew to $6.9 million from $6.7 million as of December last year, while total assets rose to $8.4 million from $7.8 million in 2023, reflecting PGI’s long-term commitment to financial growth.