Struggling engineering concern Zeco Holdings has narrowed its loss to $2.1 million for the full year to December from $$4.7 million in prior comparative period on cost cuts, the company said at the weekend as it faces questions about its future as a going concern.
The firm’s administrative expenses, at $2 million ($2.6 million in FY13) continued to exceed revenue, at $500 000 ($604 000 FY13) by a significant margin.
Zeco, a serial offender against the Zimbabwe Stock Exchange listing rules, is two months behind the mandatory financial reporting deadline for firms with a December year-end.
Group chairman Phillip Chiyangwa said the delay was “due to the extra work and time required to ensure full disclosure relating to the discontinued operations”.
The company also announced that it had shut down its plastics business, Zimplastics which, according to Chiyangwa, “had become unviable with no prospects for recovery”. –The Source
(177 VIEWS)
This post was last modified on June 29, 2015 8:09 pm
The gazetting into law of the payment of quarterly taxes on a 50-50 basis in…
Zimbabwe has today unveiled a ZiG276.4 billion budget for 2025 during which it expects the…
Zimbabwe President Emmerson Mnangagwa has repeatedly stated that he is not going to contest a…
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…