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.
(41 VIEWS)
The role of social media on how people get their news in Zimbabwe is being…
Ten African countries are amongst the biggest debtors to China, but Zimbabwe is not among…
The Reserve Bank of Zimbabwe’s Monetary Policy Committee, which met on Friday last week, says…
Zimbabwe’s new currency further weakened to 13.4407 to the United States dollar today down from…
The United States lost its place as the most influential global power in Africa last…
The Reserve Bank of Zimbabwe governor John Mushayavanhu says street money changers who cash in…