Meikles loss widens to $10.8 million


0

Diversified listed concern Meikles Limited yesterday said its net loss accelerated to $10.8 million in the six months to September from $2.8 million during the same period last year.

Operating costs were up from $202 million to $225 million. The group recorded a $4 million loss on discounting Treasury Bills as well as a $3.6 million fair value loss on disposal of available-for-sale financial assets.

During the six months, investment income fell 76 percent to $1.7 million.

Total group revenue increased by 15 percent to $ 225 million. Turnover from the group’s PicknPay and TM supermarkets increased by 17 percent to $196.7 million.

Tanganda, the tea business was adversely affected by a decrease in international tea prices. Average prices fell to $1.28/kg from $1.32/kg in the comparative period. Revenue from the agricultural unit was flat at $11.1 million.

The group said its hospitality unit recorded a seven percent decline in revenue to $8.2 million as a result of the 15 percent value-added tax (VAT) levied on foreign tourists for accommodation and tourism-related services.

Meikles operates two five-star hotels in Zimbabwe, the Meikles in Harare and its 50 percent-owned Victoria Falls Hotel. African Sun owns the other 50 percent.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by $6.4m relative to the previous period.-The Source

(8 VIEWS)

Don't be shellfish... Please SHARETweet about this on Twitter
Twitter
Share on Facebook
Facebook
Share on LinkedIn
Linkedin
Email this to someone
email
Print this page
Print

Like it? Share with your friends!

0
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.

0 Comments

Your email address will not be published. Required fields are marked *