October 11, 2010 Leave a comment
Two subsidiary companies of Amalgamated Telecom Holdings have recorded significant losses in the last financial year ended 31st March 2010.
ATH CEO Tomasi Vakatora revealed that Telecom Fiji Limited made a $6.7 million loss while Connect incurred a $2.7 million loss last year.
Our Fiji National Provident Fund owns nearly sixty percent of the shares in Amalgamated Telecom Holdings, so these losses will be born by all contributors.
Increased competition in telecommunications would be a good thing if it had been introduced when the economy was doing well and other shares held by FNPF were earning good profits, but the opposite is true. All shares are making losses and the previously safe shares in ATH are now also losing.