Fareed has questions to answer on FHL profits

CEO Nazoub Fareed is boasting about the increase in the turnover of Fijian Holdings Limited.  He’s claiming turnover of FHL will reach $300 million this year. Last year the boast was $225.5 million.  In 2006, before the coup, turnover was only around $100 million, but this was 100 million real dollars, before the massive inflation and devaluation of our dollar. But compare profits.  In 2006 profit was $16.99 million in real dollars.  Last year the FHL group made a profit of $12.7 million in the current, badly shrunken dollars.  Fareed needs to explain why so much turnover is making so little profit.  Is it because they invested so much in dud companies like FHL Logisitics?  Fareed was appointed to head FHL by Bainimarama, not by the shareholders.  When Bainimarama made the decision to make Provincial Councils and the iTAB pay back the money for shares granted to them by the Qarase Government he should have given control to the iTAB and Provincial Councils.  Instead he keeps all the profits and makes the Provincial Councils beg like little puppies for access to their own money, the profits from the shares in FHL which are theirs now they’re paying for them.

Fiji Times August 11, 2014   Group’s positive performance pleases management

2 Responses to “Fareed has questions to answer on FHL profits”

  1. bimana Says:

    Another post without good analysis. FHL is still making profits despite increased competition.

  2. Meli Vunivalu USA Says:

    Na lasu na lasu na lasu, ena vei siga bai,korovou e wawa tiko.

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