Tough first half for business

BY DALE LUMA

It has not been a good first half of the year for most businesses, according to the business community.

Figures received by this paper show that sales have dropped between 20 per cent and 30 per cent in various sectors of businesses.

The six months has seen a number of issues affecting businesses; such as the ongoing power issues, water supply interruptions, ongoing FX issues, impacts of the BSP Financial Group Ltd core banking system change and with recent talks on the devaluation of the kina, which is predicted to increase costs and be felt right through from businesses to the people on the streets.

Chief executive officer for Remington Technologies Peter Goodwin, a company which has been in operation in PNG for around 75 years, said it’s well known that the business environment is struggling.

“Sales are down, expenses are up, power…