Art Corporation’s after tax profit for the six months to March 31, 2017 increased 41 percent to $1.3 million compared to $892 000 same period in prior year, largely driven by improved performance across its business units.
Group revenue was eight percent up at $15.2 million from $14.13 million during the comparative period, mainly on increased battery sales in Zimbabwe.
Gross margins also increased to 40 percent from 38 percent in 2016, resulting in an operating profit of $2 million, an increase from $1.7 million in prior year same period.
“The batteries division achieved an operating profit of $1.3 million. Sales volumes increased by 26 percent as a result of improved product availability and the exploitation of opportunities presented by policy measures in support of local production,” said chairman Thomas Wushe in a statement.
Battery segment revenue stood at $9.4 million marginally four percent higher than the prior year.
Other segments performed positively, with the Eversharp contributing $2.6 million in revenues.
Total assets remained flat at $30.9 million in comparison to the corresponding period.
The company did not declare dividend.- The Source
(34 VIEWS)
This post was last modified on %s = human-readable time difference 10:05 am
Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…
The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…
Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…
Zimbabwe’s capital, Harare, which is a metropolitan province, is the least democratic province in the…
Nearly 80% of Zimbabweans are against the extension of the president’s term in office, according…
The government is the biggest loser when there is a discrepancy between the official exchange…