Logistics and passenger transport group Unifreight Africa today said its half-year to June operating loss worsened to $1.2 million compared to $476 000 last year as restructuring costs spiked.
The group, formerly Pioneer Africa Corporation, closed its Botswana subsidiary last year and is disposing of Pioneer Transport to its employees through a management takeover.
The cost of ceasing the Botswana unit amounted $82 000.
Pioneer Coaches suffered losses of $390 000 while another entity, Tredcor incurred losses amounting to $603 000.
Finance costs increased from $78 000 the previous year to $196 000.
“The group is fundamentally sound but is facing some very tough times ahead with a downturn of the economy. Management has committed to continue to streamline and align costs throughout the remaining operations,” said group chair Patrick Chingoka in a statement.
Revenue during the period under review was down 35 percent at $5.6 million resulting in an after tax loss of $2.3 million which includes $1.1 million from discontinued operations.-The Source
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