www.fijitimes.com - Friday, October 30, 2009
THE FSC had to write off about $2.4million worth of investments in the last financial year.
This, according to chairman Gautam Ramswarup, contributed to the $36.8m loss incurred by the company.
He said among other things, they had to write off their investment in the South Pacific Fertilizer company.
"We had some investment in SPF, so during the reorganisation of the fertiliser company, FSC divested itself of the shareholding in that company, which was a very nominal sum," he said. "We had to tidy the accounts up and write off the investment there."
He said it included the replacement of old equipment.
"When you replace old equipment with the new, the old is still in the books, it becomes obsolete," Mr Ramswarup said. "It had to be written off and it's reflected in the account."
The FSC suffered a trading loss of $5.9m.
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