1 Jun 2010

Fiji National Provident Fund announces a net loss of 88 million US dollars

7:39 am on 1 June 2010

The Fiji National Provident Fund has announced a net loss of 88 million US dollars for the past financial year.

This follows the fund writing down 156 million US dollars earlier this month in an effort to maintain viability.

The Fiji Live website reports the FNFP board chairman, Ajith Kodagoda, saying the losses are because of the write downs in the value of the Natadola and Momi Resort projects in which the Fund had invested.

Mr Kodagoda says without the write down, the 2009 net surplus would have been 65 million US dollars, a 19 percent improvement over 2008.