TM Supermarkets props up stuttering Meikles

Net cash generated from operations also rose to $30.8 million from $20.2 million previously.

The agriculture segment generated EBITDA of $6.1 million in the year compared to $255 000 in the previous year, though revenue declined by 6 percent to $21.2 million due to a 20 percent fall in bulk tea exports.

The hospitality segment saw a seven percent decline in revenue to $14.7 million owing to a decline in room occupancy and average room rates in Harare.

Meikles Hotel’s room occupancy and average daily rate declined by 3.41 percent and 13 percent on prior year , resulting in a 20 percent decline in revenue per available room.

Departmental stores and wholesaling segments also recorded a decline in revenue in the year.

The group closed the year with Treasury bills (TBs) amounting to $3.024 million from $11.1 million held in the previous year.

Moxon said the company has reached an agreement with the government over a Reserve Bank of Zimbabwe debt which has been outstanding for two decades.

“The sum due to the company together with accrued interest amounted to $42.6 million as at 30 September 2016,” said Moxon.

“Although the basis of the agreement has been reached, Government has not yet completed the necessary documentation to conclude the formalities relevant to the agreement,” he added. –The Source

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