Paradise Beverages posts half year results for 2019

Paradise Beverages this week announced its financial results for the first half of 2019 with a renewed commitment to further improving quality of its products and expanding its export markets.

Paradise Beverages this week announced its financial results for the first half of 2019 with a renewed commitment to further improving quality of its products and expanding its export markets.

The Pacific region’s leading beverages company made an overall profit of $3.9M across its Fiji and Samoa operations for the first half of 2019.

Although the figure was down on 2018, General Manager Mike Spencer said that the company was confident in its plans to return to growth, citing its continued commitment to investment in its people and upgrading operations. “Our mission for Paradise Beverages is to be recognised as the premier place to work, creating world-class beverages and making a positive contribution to the business and the markets in which we operate,” he said.

“We remain committed to delivering long-term sustainable value for our communities, our people and our shareholders.

“Our strategic focus continues to be growth-oriented with an ever-increasing emphasis on innovation of new products and expanding our export markets. We know our consumers enjoy our brands, and we aim to continue to exceed their expectations. We are also seeking productivity improvements and constantly re-assessing our financial situation.”

“While we continue to improve and grow our business, we are committed to doing so in a sustainable way for our employees, as well as the communities and environment in which we operate.”

Paradise Beverages posted a 7.4 per cent reduction in 2019 first half revenue to $44.43 million, compared to $47.99 million for the same period last year, driven largely by volume challenges and the softening of the economy, and competition from imports.

Mr Spencer said the company remained committed to environmental protection, both through its long-term partnership with the Mamanuca Environment Society (MES), and through continued effort in pursuing energy efficiencies and sustainable packaging.

“Over 95 per cent of our products are in returnable glass and we are working hard to keep improving our collection rates – which are already over 80 per cent - to minimise our impact on landfill,” he said.

In the community, Paradise Beverages continued its support for over 60 community and charitable groups including local sports organisations, schools, aged care and services for the homeless and those in need. The company remains a major sponsor of sport in Fiji, supporting the Fijian rugby team, the Fijian Drua, that won Australia’s National Rugby Championship, and the Fiji International PGA golf tournament.

“We continue to support local community programs and in 2019 we expect our investment to be in line with our 2018 spend of the equivalent of 3.7 per cent of our EBIT, well in excess of our commitment to invest the equivalent of 1 per cent EBIT.

“For our people, we are supporting our employees through a number of training programs and regular workshops, including diversity and inclusive leadership, and building the leadership and technical capability of our people. Sudha Deo, our General Manager of Operations, was recently awarded the Excellence in Industry Leadership by Women in Business (Fiji) award, another example of our commitment to support our people and helping to develop the future leaders of Fiji.

“While we have some challenges, we are doing great work in Fiji and Samoa to help our people, our community and our environment and will continue to do so,” Mr. Spencer said.