FHL slowly but surely bleeding

FHL records decreased profit

Fijian Holding Limited (FHL) has reported a profit of $15.54 million after tax for the financial year ending June 20, 2008.  This is $3.95 million decrease over the $19.48 million profit recorded for the same period last year, despite an increase in operating revenue. FHL reported operating revenue of $111.42 million during its 2008 financial year, an increase from the $94.8 million achieved the previous year. No information was available on the reason for the decreased profit given the substantial increase in its operating revenue. FHL Group chief executive officer Sereana Qoro could not be reached for comment, while FHL board chairman Isoa Kaloumaira has requested that queries be forwarded to his office before he can respond.


5 Responses to “FHL slowly but surely bleeding”

  1. Peace Pipe Says:

    The exorbitant salary for Freddy keshwan must be a contributing factor plus all the army moles eating into finances of the company. I wonder what the ig will do about this deplorable state of affair the FHL has degenerated into or is it what they had planned on doing and that is to bring this Fijian institution for whatever reasons.

  2. Billy Says:

    Kana,kana sara na yavato kei na free-riders. The cracks will only get bigger!

  3. Striker Says:

    Not so long ago, PM Qarase had stated that the SDL govt had rescued the Housing Authority from its financial woes. The rot began with remnants of a military govt after the 1987 coup which propelled ex-soldiers and interferring fools such as Joketani Kaukimoce into positions of power. Sereana Qoro, who was appointed as CE after the fracas between the Board and Management at the time, instigated by the likes of Kaukimoce and cronies, did exactly as she is doing now to FHL – instead of wooing co-workers with her knowledge and experience, she was quickly found out to be a whimp completely lacking in management know-how. So, with the blessing of a military govt led by Rabuka, and a partisan Board, she turned to rid HA of experienced people to consolidate her own position. The result years later was financial chaos and HA was unable to repay its loan committments. Mahendra Chaudry and the FLP coalition saw this and fired her in 1999 only to add to the financial woes themselves.Looks as it history is repeating itself only this time at FHL.

  4. Keep The Faith Says:

    Tut, tut, tut Sereana.

    This is what happens when you delude yourself into thinking you are corporate player breaking the glass ceiling. Unfortunately in this instance she’s breaking the bank in the process and shattering the future of many indigenous Fijian shareholders who have a stake in the entity. Lady let’s see how well you can eyeball these stakeholders and answer for your mismanagement, hopefully, one day soon.

    Sadly Mz Qoro just doesn’t get that she is as dispensable as all the other IIG opportunists and even though she put Leweni on the Fiji TV Board, it won’t secure her tenure.

    Tik-tok, tik-tok tik-tok — time is the justice that examines all offenders.

  5. Striker Says:

    Some of her relatives, such as Alisi Daurewa have this mischievous claim that Sereana Qoro was divinely annointed to lead. The facts reveal otherwise. Those in the know say a lot of funds were unaccounted for during Sereana’s watch as Financial Controller at Rewa Dairy. She became Housing Authority CE through nepotism; her uncle, the late Joeli Kalou was instrumental in her appointment to placate the chiefs of Lomaiviti who had protested against the shabby manner the SVT govt had treated the former CE who was also from Lomaiviti. After being fired as CE in 1999, with HA chairman at the time Siti Weleilakeba, she must have worked her magic spell on Siti ending up in FHL. Sorry Siti, but the birds have come home to roost!

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