Marina operator Port Denarau Marina Ltd (PDM) has reported an operating net profit of $3.3million for the 2024 financial year ending July 31.

The company had recorded $6.6m in the previous fiscal year.

According to its audited financial statements released by the South Pacific Stock Exchange (SPX), total comprehensive income stood at $6.2m, down from $8.2m the previous year.

“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 $4.4m, marginally lower than last year’s $4.5m,” the company stated.

“This slight decrease is mainly attributed to rising operating expenses, including higher infrastructure maintenance costs, increased levies, and labour-related challenges. However, we are pleased to report a 7 percent increase in revenue compared to the prior year.”

The company said amid global economic uncertainty and heightened risks, “we remain optimistic about improving trading performance in the coming year”.

The company said planned infrastructure upgrades at the marina would further enhance the quality of its services.

“Over the past year, our team has worked tirelessly to innovate and bring our vision of becoming the premier marina facility in the Pacific to life.”