Fijian Holdings Limited has recorded a pre-tax profit of $9.5 million for the first six months of its 2010 financial year, however this is 25 percent lower than the same period last year.

FHL Managing Director Sereana Qoro said while total revenue increased by 7% against the same period last year and the increase was not sufficient to cover significant increases in direct operating costs for the retail and manufacturing companies within the group and the increase in cost of funds for Merchant Finance.

Qoro said the net asset position of the Group improved by $11 million compared to last year as a result of reduced borrowings.

She said the Group cash position continues to remain strong and positive and given the strong performance of RB Patel Company, Merchant Finance and Investments Limited along with the anticipated improvement in Revenue and Profit for Basic Industries and Fiji Industries, the FHL group is confident of better performance and to achieve budgets in the second six months of this financial year.