Categories: Stories

CFI narrows its losses

Agro-industrial conglomerate CFI narrowed its losses to $3.8 million in the half-year to March from $5.5 million on improved performance of its specialised division which registered a 132 percent growth in revenue, the company said yesterday.

CFI is the holding company of several agro-industrial concerns including Agrifoods, Crest Breeders, Victoria Foods as well as retail chain Farm and City centre.

“The specialised division registered improved volumes on the back of improved suppliers support. Turnover increased by 132 percent overall resulting in modest market share recovery during the period,” the company said in a statement accompanying its financial results.

“Despite this progress, capacity utilization remained low and the business requires further underpinning with improved working capital to maximize its capacity and deliver acceptable results.”

Revenue declined by 35 percent and 24 percent for the poultry and retail divisions as a result of a slowdown in consumer demand and inadequate working capital during the period.

Group turnover for the half-year declined by 18.1 percent to $34.2 million compared to $41.8 million achieved in the same period in the prior year.

Financing costs for the period increased to $2.1 million from $1.7 million in the comparable period.-The Source

(193 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