The Fiji Times – Wednesday 25th September, 2019
VISION Investments Ltd foresees challenges ahead of this year but remains optimistic of seeking new business opportunities to expand the operations.
Group chairman Dilip Khatri said in the 2019 Government budget, import duties were increased on some categories of electrical items and motor vehicles, which may mute consumer demand for these goods affecting their two core business areas of trading and automotive.
Speaking at the 13th annual general meeting of the group yesterday, Mr Khatri said the group showed strong growth with revenue increasing to $196.3 million (2018: $180.4m) and profit after tax increasing to $24.0m (2018: $20.2m).
However he said the operating result for the year was impaired as a result of a $2.19m charge taken to the income statement with the adoption of three new International Financial Reporting Standards (IFRS) and the resulting change in accounting policy.
He said also with the adoption of these new IFRS standards, a charge of $4.95m was taken to retain earnings, which reduced shareholder equity.
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