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 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…