Zimre Property narrows loss

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

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