FINTEL records an operating profit of $3.89m
9 August, 2022, 6:30 pm
FINTEL recorded an operating profit of $3.89 million and a profit after tax of $3.31 million in its 2022 financial year, states the annual report of the Amalgamated Telecom Holdings Ltd (ATH Group) for the end of the financial year March 31, 2022.
FINTEL is a subsidiary of ATH which owns 100 per cent of the company.
“FINTEL’s network development activities continue to focus on the enhancement of its core, tele-housing and colocation services at FINTEL’s Vatuwaqa Communications. Centre, in providing efficient and effective services to the domestic, regional and international corporate customers,” states the annual report.
“The direct and indirect interconnection with regional and global subsea cable systems, the surge in interest from satellite operators and the associated value-added services will provide the future delivery of key business objectives.”
FINTEL paid its shareholder a dividend of $2.65 million ($2.57 million: 2021).
“FINTEL’s substantial investment in the new Southern Cross Next subsea cable will be a major financial challenge in the fully deregulated market and the continuing impact of the Fijian Competition and Consumer Commission (FCCC) Determination on International Access which includes the regional subsea cable systems.
“FINTEL is investing $US20 million ($F44m) in the new Southern Cross Next (SX Next) subsea cable system. This is targeted to be operational in July 2022.”