Tedco has disastrous Christmas

Retail group Tedco Limited, which changed its financial year-end from September to December,had one of the worst Christmas trading periods in its history, it says in its report for the 15 months ending December.

It says the retail division was saved by the Julie Whyte operation which exceeded budget and expectations.

Though manufacturing was the major contributor to profit, it had its worst trading period in history.

The new monetary policy did not help either because it made exports unprofitable.

The group says it was forced to close its Export Processing Zone companies in Bulawayo laying off 500 workers.

It also says the planned demerger and listing of Tedco Industries separately was put off because the environment was not conducive for such a demerger.

The company is planning to change its name to Kumali Limited.

Turnover shot up from $4.1 billion to $39.7 billion.

Operating profit increased from $1.4 billion to $11.7 billion with net profit at $8.8 billion, up from $1 billion.

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