27 Mar 2003

Fiji-based private radio incurs loss in its PNG operation

5:16 pm on 27 March 2003

Communications Fiji Limited, which operates commercial radio stations in Fiji and Papua New Guinea, has suffered losses in its PNG operations which it attributes to political uncertainty in the country.

The managing director of the company, William Parkinson, says this has caused the value of the Kina to fall by 33 percent which has hit their business hard.

Mr Parkinson says the kina depreciation increased their costs while advertising revenue dropped by 11 percent.

He has told the South Pacific Stock Exchange that although their FIji operation delivered a very solid performance in 2002, it was undermined by losses in PNG.