The Fiji Sugar Corporation is forecasting a loss of $20.3million in the 2024-2025 financial year.
The company submitted this to the Standing Committee on Economic Affairs that reviewed the corporation’s 2020, 2021, 2022 and 2023 annual reports.
The FSC is projecting a total revenue of $226.7m with its share being $66.4m.
The corporation said that as of May 31, 2024, it had a cash flow shortfall of $124.1million.
Its debt commitments in the 2024-2025 financial year are a $50m BSP loan that is due in August 2024, $25m temporary loan with HFC Bank due in September 2024, and other loans valued at $23.1m with Fiji National Provident Fund, Bred Bank and others.
The corporation told the committee that continued government guarantees would be required towards its financials.
The FSC said more than 200,000 Fijians were estimated to be associated with and dependent on the sugar industry and that it is the largest manufacturing organisation in the country.
Source: The Fiji Times
