Although its net profit increased more than five-fold from $45.7 million to $269.3 million, and its sales shot up from $1.3 billion to $3.2 billion, Powerspeed Electrical says the figures were primarily a result of the decline in the Zimbabwe dollar.
There was no improvement in trading conditions and no growth in volumes. It also said it was being adversely affected by a skills drain and had lost a number of talented, skilled and experienced people.
It also said its Zambian operation was failing to take off properly because of lack of skilled people.
It could not transfer skilled managers from Zimbabwe because of difficulties in obtaining permits for them but this problem was being addressed.
Though the future was bleak, the company said it was determined to make the most of the situation.
(33 VIEWS)
Zimbabwe is among the top 30 countries in the world with the widest gap between…
Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…
Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…
The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…
Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…
Zimbabwe’s capital, Harare, which is a metropolitan province, is the least democratic province in the…