One of the growing Fijian owned companies Yatu Lau Company Limited today announced a pretax net profit of $1.9 million for the year ended 31st December, 2010, at the company's annual general meeting.
This is the 17th successive year that the company has declared an annual dividend of 8 to 10 cents.
Company chairperson Adi Koila Nailatikau said that the company's results for the year were encouraging, despite a subdued economy and a depressed general trading environment.
Adi Koila said amongst the highlights for the company in 2009, were the acquisition of the Arts Village Complex at Pacific Harbour, office complexes at 243 Waimanu Road and Kimberley Street and a nine apartment residential complex at Berry Road in Suva.
The company's total assets grew by 29 percent to $36 million from $27.9 million at the end of 2008.
Shareholders equity also grew to $18.3 million from $16.8 million in 2008.
Adi Koila highlighted that the company had come a long way from its formative years with its initial capital of $7 from 7 shareholders in 1972, to 895 shareholders with issued and paid up capital of $6.1 million by the end of 2010.
Yatu Lau Company Limited is the investment company for the people of the Lau province set up by the late paramount chief Ratu Sir Kamisese Mara.
Story by: Tokasa Rainima
