Port Denarau [Source: Port Denarau Marina]

Port Denarau Marina Limited has recorded an operating net profit of $3.3 million for the 2024 financial year, compared to $6.6 million in the previous year.

In its market announcement, Marina states that despite the overall decline in profits, largely due to a decrease in the fair value of investment properties, the company achieved an operating profit of $4.4 million.

It says this is marginally lower than last year’s $4.5 million.

It attributes the slight decrease mainly to rising operating expenses, including higher infrastructure maintenance costs, increased levies, and labor-related challenges.

However, Marina is pleased to report a seven percent increase in revenue compared to the prior year.

Amid global economic uncertainty and heightened risks, the Marina remains optimistic about improving trading performance in the coming year.