11 Aug 2006

Fiji Electricity Authority posts US$71,000 profit

9:44 am on 11 August 2006

The Fiji Electricity Authority has posted a 71,000 US dollar profit before tax for the last financial year.

This was reported in the FEA's annual report that was tabled in Parliament yesterday.

Chairman Josaia Mar told the Fiji Times that the profit was made despite the cost of diesel generation for the year increasing by over 10 million US dollars from 2004 and the one-off impact of the Monasavu settlement.

Mr Mar says increasing fuel prices has had a severe impact on the FEA's profitability for 2005.

He says high diesel prices has caused the total fuel bill in 2005 to be over 39 million US against previous year's fuel cost of over 28 million US and over 11 million in 2001, accounting for almost 48 per cent of FEA's total operating costs last year.

Mr Mar says they were also pleased to resolve the dispute with the Monasavu landowners for over 30 million US dollars spread over 99 years.