Zimre Property lowered its after tax loss by 53 percent to $1.4 million in the full-year to December from $3 million in the prior period.
“A negative fair value adjustment on investment property of $2.81 million was recorded at 31 December 2016, resulting in an after tax loss of $1.45 million,” said board chairman Jean Maguranyanga in a statement.
Revenue stood at $5.5 million from $5.4 million in 2015.
Rental income was down 12 percent to $3.14 million from $3.57 million while projects income was 37 percent up to $$2.27 million driven by new stand stocks.
Administrative costs dipped by 10 percent to $2.77 million from $3.09 million in 2015.
Going forward, the company will start a project of 128 residential stands along Harare Bulawayo road.
“The subdivision permit has been issued and project preparatory works are in progress. The expected cost of the project is $650 000 and estimated value on completion is $1.6 million,” added Maguranyanga.
The company is also targeting to develop student accommodation in Bulawayo and retail shops in Victoria Falls.
Total assets marginally dropped three percent to $52.6 million.- The Source
(35 VIEWS)
This post was last modified on March 26, 2017 6:49 pm
Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…
The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…
Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…
Zimbabwe’s capital, Harare, which is a metropolitan province, is the least democratic province in the…
Nearly 80% of Zimbabweans are against the extension of the president’s term in office, according…
The government is the biggest loser when there is a discrepancy between the official exchange…