The company's chief executive, Dr Ninian Mogan Lourdenadin, said the PNG performance was "most encouraging" with the future looking promising because of greater political stability in Papua New Guinea and a significant increase in the tourist industry in Fiji.
The chief executive's report said: The automotive division of the PNG operations "had an excellent year and achieved a record profit."We are now the largest multi franchise motor dealer and the highlight of the year was the acquisition of the Tabubil Motors, the Kenworth truck franchise and the opening of a new branch in Mt Hagen."The retail hardware operation of WR Carpenter (PNG) Limited performed well and produced a good profit."Dr Lourdenadin
said the agricultural division had "mixed results" with the coconut oil mill in Rabaul
having an excellent year and milling a record 64,000 tonnes of copra "which when coupled with record world prices resulted in good profitability."The tea, coffee and cocoa plantations had mixed results due to lower commodity prices and a weakening US dollar."Management's
ability to control, monitor and implement new processing methods has helped keep the cost of production under control during a difficult period."Dr Lourdenadin
said Carpenters Fiji Ltd
had "a relatively difficult year" and although there was a marginal increase in revenue pre-tax operating profit fell from A$7.5 million (K18.75 million) to A$4.68 million (K11.7 million).
It has also enhanced its property portfolio by acquiring further land parcels," Dr Lourdenadin