Agro-Industrial concern TSL reported a 16 percent decline in profit after tax to $4.1 million in the full year to September on poor performance of its tobacco-focused business.
TSL is the parent company of Tobacco Sales Floor (TSF) and it also has interests in other agriculture businesses as well as logistics and property.
In a statement accompanying financial results on Friday, the company said its agriculture related businesses were adversely impacted by the weather patterns while the logistics and real estate clusters fared well.
“Strong performance registered in our logistics and real estate clusters and new initiatives in the agro trading businesses mitigated the decline in revenues and operating profit in the tobacco related businesses,” said the company.
“The steady performance by the Group in 2015 is, in large measure, attributable to the diversity of its operations.”
Total group revenues during the period were flat at $48.6 million.
Operating profit before fair value adjustments was down eight percent on last year to $ 6.8 million.
It declared a dividend of $0.33 cents.- The Source
(31 VIEWS)
The Zimbabwe Gold fell against the United States dollar for five consecutive days from Monday…
An Indian think tank has described Starlink, a satellite internet service provider which recently entered…
Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…
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…