Clothing retail chain Edgars stores reported a fivefold increase in after tax profit to $567 499 in the six months to July, from $109 119 last year driven by an increase in revenue and savings on finance costs.
Revenue was up 7 percent from $23.1 million to $24.7 million.
Finance costs fell to $618 027 from $905 539 as net borrowings declined from $11.2 million to $9.4 million in the period.
Sales in Edgars chain stores rose to $15.2 million from $14.5 million in the same period last year, while the Jet chain’s sales rose by 13 percent to $8.7 million from $7.7 million last year.
The manufacturing division incurred a $300 000 loss as a result of fabric outages caused by the shortage of foreign currency.
“Whilst 50 percent of our product is sourced locally, the prevailing foreign currency shortages will impact our product range, particularly for the fourth quarter. We will pursue all options to obtain key imported products for our customers and inputs for the factory while actively implementing import substitution where feasible,” said chairman Themba Sibanda.
Cash generated from operations dropped to $1.76 million from $4.1 million in the comparable period last year.
The group’s total assets declined marginally from $47.8 million to $46.8 million.
The company did not declare a dividend. –The Source
(103 VIEWS)
This post was last modified on September 19, 2017 10:48 am
The gazetting into law of the payment of quarterly taxes on a 50-50 basis in…
Zimbabwe has today unveiled a ZiG276.4 billion budget for 2025 during which it expects the…
Zimbabwe President Emmerson Mnangagwa has repeatedly stated that he is not going to contest a…
The Zimbabwe Gold fell against the United States dollar for five consecutive days from Monday…
An Indian think tank has described Starlink, a satellite internet service provider which recently entered…
Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…
View Comments
Tired of paying for clicks and getting lousy results? Now you can post your ad on 1000s of ad sites and it'll cost you less than $40. Get unlimited traffic forever! To find out more check out our site here: http://www.instantadsposted.tech