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Rice Company of Fiji Limited

WHILE there are reports of the El Nino phenomenon occurring in the country so far this year, estimates are that it is likely to be a late or mild one, mitigating its impact on Asian rice production.

On the demand side, with no significant increase in consumption, the Rice Company of Fiji Limited expects this year to be similar to the previous one.

Company chairman Hari Punja says the company has made further progress on reclaiming the pre-eminent position it occupied in the Fiji market prior to the summary abolishing of import duty on milled rice in May 2008.

"Shareholders may recall that such move had rendered rice milling in the country unviable and millers had to switch to trading in rice, with minimal processing," Mr Punja said.

In 2013-2014, he said, their net sales revenue grew a further 10 per cent over previous year from $19.9million to $21.95m while profit after tax increased from $2.06m to $2.13m.

Mr Punja said the company's premium FMF Jasmine rice gained considerable market momentum during the year as did its medium grain variety branded FMF Sunwhite.


Fiji Sun

Ropate Valemei

Tuesday, September 30, 2014