Gulliver sales treble


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Heavy engineering group Gulliver Consolidated says it has now consolidated its operations focussing on its core business of steel and steel engineering and it managed to achieve results that were ahead of inflation.

According to its results for the year ending September, its sales trebled from $625.9 million to $1.9 billion with net profit increasing from $61.3 million to $213.3 million.

It says both Moresteel, and Industrial Galvanising and Fabrication increased their throughput because of good contracts.

Though Moresteel had completed its contracts there was sufficient other work to ensure an acceptable level of capacity utilisation.

Industrial Galvanising ad Fabrication had a number of ongoing contracts relating to rural electrification.

Volumes at More Wear Industries had dropped but they had improved in the last quarter.

Steel sales companies Lysaght Steel Merchants and Megasteel had reduced volumes but increased prices helped them to make substantial contributions to the group profits.

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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.

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