Edgars profit plummets from $4.57 million to $548 000

Edgars debtors owed $18.7 million, a reduction from $28 million in 2015 after an allowance of $1.8 million.

Net write offs for the period averaged 7.9 percent of lagged credit sales and 0.8 percent of lagged debtors.

Its manufacturing arm made a trading loss of $400 000 because of reduced demand from group retail operations.

“In addition, production is being affected by the limited allocation of foreign currency to the productive sector and efforts to secure export orders are continuing,” said Sibanda in a statement.

Loan repayments in the year amounted to $6.8 million thus reducing borrowings to $11.2 million from $18 million in 2015.

The group will also revamp its network of stores around the country

“Its around $1.5 million that we have in our budget to revamp the stores,” managing director Linda Masterson said on the sidelines of the analyst briefing.

For 2017, Masterson said the company has targetted a 400 percent increase in profit after tax  and five percent increase in turnover. – The Source

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