Categories: Stories

Ariston posts $800 000 loss on declining revenue

Agro-industrial concern Ariston Holdings has reported a loss of $820 000 for the full year to March from a profit of $980 000 registered in prior year on declining revenue.

Group revenues dropped eight percent to $8 million on the back of a $600 000 decline in revenue at FAVCO, the company said today.

The company is bullish that investments made in tea processing would ramp up output and exports.

It also pins hope on strong demand of macadamia and expectations of a high yield.

The poultry business registered modest growth, the company said.

“FAVCO remains a loss making operation. The modification of the business unit is at an advanced stage,” chief executive officer Paul Spear said in a statement accompanying the results.

Early this year accountancy and professional services firm Deloitte and Touche raised the red flag after Ariston’s liabilities outstripped the company’s assets before majority shareholder undertook to boost the group’s balance sheet.- The Source

(167 VIEWS)

Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

Recent Posts

ZiG loses steam, falls against US dollar for five consecutive days

The Zimbabwe Gold fell against the United States dollar for five consecutive days from Monday…

November 22, 2024

Indian think tank says Starlink is a wolf in sheep’s clothing

An Indian think tank has described Starlink, a satellite internet service provider which recently entered…

November 18, 2024

ZiG firms against US dollar for 10 days running but people still do not have confidence in the currency

Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…

November 16, 2024

Zimbabwe among the top countries with the widest gap between the rich and poor

Zimbabwe is among the top 30 countries in the world with the widest gap between…

November 14, 2024

Can the ZiG sustain its rally against the US dollar?

Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…

November 10, 2024

Will Mnangagwa go against the trend in the region?

Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…

October 22, 2024