Lafarge in $1.9 million loss after paying off its debts


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The local unit of global cement maker LafargeHolcim has reported an after tax loss of $1.9 million for the full-year to 31 December from a net profit of $80 000 the previous year after opting to pay off debts.

Revenue for the year increased marginally by two percent from $60.4 million to $61.5 million.

Cement sales grew five percent as the company secured new market segments.

The company generated $6 million from operating activities, an increase of 72 percent over the previous year.

“We expect the general trading environment to exert pressure on prices due to ongoing economic stress. However we anticipate improved profitability in 2016 mainly driven by operation costs reduction measures and targeted strategic marketing initiatives,” said company chair Muchadei Masunda.

Lafarge managed to pay off all bank loans amounting to $4.8 million during the year.-The Source

(21 VIEWS)

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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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