The net profit after income tax of Vision Investments Limited (VIL) settled at $11,472,919, as at 31 March 2016, compared to $9,732,610 last year.
This was noted in its recently released financial statement , which also noted that capital gain arising from related party debt forgiven of $12,583,851 was distributed to shareholders on 1 July, 2015.
“Pursuant to a shareholder’s resolution on 31 March 2015, the company acquired the businesses and assets of related companies, Vision Motors Limited, Vision Finance Limited and Mahogany Industries (Fiji) Limited effective 1 July 2016,” the statement’s Significant Transactions report noted.
“The financial statements for the year ended 31 March 2016 includes the assets and liabilities of these acquisitions. In addition, Evergreen Investments Limited forgave $12,583,851 of debt owed to it by the Company and this was distributed to the shareholders as capital gains.”
VIL’s principal activities include the sale of furniture, household electrical items, general merchandise and the financing of these products at a margin, manufacture of furniture and joinery works, and trading, leasing and repair of motor vehicles, vehicle rentals and spare parts.
The company was listed on the South Pacific Stock Exchange in February, and its financial statement were audited by Price Waterhouse Coopers.
VIL comes under the umbrella of Vision Group, whose properties include the Hilton Fiji Breach Resort in Denarau and Double Tree Resort by Hilton at Sonaisali, Nadi.