Border Timbers’ loss after tax widened from $4 million to $24 million in the full year to June due to a fire outbreak which led an asset write-down, the company said.
The company, which operates five estates and three sawmills in Eastern Zimbabwe, lost 5 000 hectares of forest land valued at $10.5 million to a fire.
“A net biological asset write-down of $16 126 133 was done during the year after re-assessment of the plantation quality after the fire. The fire damage affected mainly mature trees. A total of $10 547 122 was lost from the plantations due to fires,” said the company’s judicial manager Peter Bailey in a statement.
Revenue during the year was up 47 percent to $26 million driving the company to a gross profit of $5.8 million from a loss of $3.7 million last year.
Selling and distribution costs increased to $6.7 million from $2.2 million due to freight costs on increased poles business.
Total assets decreased by 19 percent to $122 million.
The company has been under judicial management since April.-The Source
(42 VIEWS)
This post was last modified on October 9, 2016 5:04 am
The Zimbabwe Gold, ZiG, continued to firm against the United States dollar ending the week…
Zimbabwe will be issuing 7.5 kg of grain a month to each of the six…
The stability of Zimbabwe’s local currency, the Zimbabwe Gold (ZiG), is critical if the country…
More than half of Zimbabwe’s population will need food aid between this month and March…
Zimbabwe’s currency, the ZiG, kicked off the week on a positive note after firming to…
Twenty-five white Zimbabwean farmers who took their R2 billion land damages claim to the South…