RAINBOW Tourism Group (RTG) says its profit for the six months ended June 30, 2019 which stood at $5,4 million, was 25 times higher on the prior period after a bump in its revenues. While a number of companies in the country have reported similar movements in their bottom lines, mostly because of exchange gains…
ZIMBABWE is set to incur a huge budget deficit by year-end due to failure to contain government expenditure and costs created by Cyclone Idai, among other challenges, experts said. This comes as while Finance minister Mthuli Ncube has said Treasury recorded a cumulative budget surplus of $803,6 million in the first half of 2019, a…
THE corporate sector faces even tougher times ahead as the cost of doing business keeps soaring — driven by rising inflation and interest rates, as well as the continued weakening of the local currency against the American dollar. This comes as hard-pressed companies — which were this week hit by fresh fuel price and interest…
CAFCA says demand on the domestic market remains depressed but the company is increasing exports to generate foreign currency and cushion it from losses. In a trading update for the three months to June 2019, the cable manufacturer said sales volumes had suffered due to subdued demand in the country amid tough economic conditions. Sales…
ZIMRE Property Investment Limited (ZPI) says it benefitted from currency reforms that government adopted in February this year, which saw the company record exchange rate gains of $3,3 million during the half year to June 30, 2019. Jean Maguranyanga, ZPI’s chairperson, said total revenue during the period under review grew by 124 percent to $3,37…
FALCON Gold Zimbabwe (Falgold) is seeking to relist on the Zimbabwe Stock Exchange (ZSE) after it finally published its financial results last week. ZSE suspended trading of the gold miner’s shares in February after it failed to publish its financials within the stipulated time-frame. “After the publication of the Falgold 2019 half-year results, the company…
CABLES maker CAFCA says its sales volumes dropped significantly during the three months to June 2019 due to Zimbabwe’s “recessionary monetary policies”. This comes as the central bank has adopted a disinflationary monetary policy after raising interest rates and mopping up liquidity from the market, among other measures. Cafca’s trading update for the quarter under…
STRUGGLING South African retail group Edcon says it has sold its shareholding in Edgars Stores in Zimbabwe (Edgars) to service some of its debts. The firm, which held a 41 percent stake in Edgars, recently concluded a deal with lenders, South African landlords and the Public Investment Corporation as part of a restructuring plan to…
FINANCE minister Mthuli Ncube’s decision to re-introduce the Zimbabwean dollar has created reporting headaches for listed firms. This comes as comparisons between financial results for the half year ended June 30, 2019 and the previous corresponding period have been distorted by currency reforms that began in October last year, resulting in an accounting and planning…
LISTED firms are reporting a slump in volumes due to waning demand as the country’s economy continues to deteriorate. While most companies reported profits, which market analysts say are mostly inflationary, the results published so far invariably show a decline in volumes across various sectors. In its trading update for the quarter ended June 2019,…
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