28 Jan 2009

Fiji's Sugar Corporation announces a loss of more than 5 million US dollars

11:37 am on 28 January 2009

Fiji's Sugar Corporation has announced a loss of more than 5 million US dollars in their half year report ending November 30, 2008.

The Fiji Times reports the report was released as interim Sugar Minister and interim Prime Minister Frank Bainimarama announced Government's commitment to restructuring and reforming the industry.

Last year, the FSC recorded one of its biggest losses ever at over 10 million US dollars, after recording a profit in the previous year.

The paper says experts are expecting this year to be tougher with the reduction of the European Union preferential sugar price by 36 percent and the devastation on cane fields by the recent flood expected to further lower production.