AdvertisementsAFRICAN Sun Limited (ASL) says it has restructured its debt to manage its interest burden and allow the company to grow its business.Advertisements The restructuring of the company’s borrowing would allow it to reduce the debt repayment period and plan future projects better against an unstable economic environment, the company said. Advertisements
AdvertisementsA FREEZE on bread prices by government last year has suppressed the profitability and viability of businesses in the baking industry, with major players like Innscor Africa reporting a decline in operating profit for the six months ended December 31, 2017. Players in the sub-sector resolved in December last year to effect a 10 percent…
AdvertisementsZIMBABWE’S national voice traffic increased 14 percent to 1,05 billion minutes for the quarter to December 31, 2017 from 924,7 million recorded the previous quarter, the Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) said in its fourth quarter sector performance report. The increase comes against the backdrop of a drop in voice traffic in…
AdvertisementsNATIONAL Foods Holdings Limited board chairman, Todd Moyo, has expressed concern over the Grain Marketing Board’s (GMB) participation in the local commercial maize meal market. National Foods last week published its financial results for the six months ended December 31, 2017. In a statement accompanying the financials of the listed conglomerate, Moyo said the profit…
AdvertisementsTHE Ministry of Transport and Infrastructural Development says it is in the process of opening the country’s air space to allow more airlines to service domestic routes. The permanent secretary in the Ministry of Transport, George Mlilo, said the move was due to renewed interest in Zimbabwe by foreign airlines. Mlilo could not reveal the…
Advertisements ZIMBABWE’S competitiveness as an economy and investment destination on the ease of doing business rankings will remain poor unless foreign investors are able to repatriate dividends, an official from Exim Bank of India has said. Speaking at the recent Zimbabwe Investment Conference, Sanjay Lamba, a regional representative of Exim Bank, said remittances should be…
Advertisements THE depletion of banks’ nostros accounts, used to fund foreign payments, created serious settlement problems for international payments and resulted in most banks having a backlog for telegraphic transfers (TTs), according MBCA Bank. The problems are part of an intensifying cash crisis in the country, which has resulted in depositors failing to withdraw cash…
AdvertisementsLISTED quick service restaurants group, Simbisa Brands, last week reported a 30 percent increase in revenues for the six months ended December 31, 2017, buoyed by growth in Zimbabwe and the region. The group’s operating profit was up 47 percent to $15,1 million from $10,3 million in 2016. Profit after tax was up 68 percent…
AdvertisementsAXIA’S profit has suffered significantly after its board decided to change the accounting treatment of its subsidiary, Transerv, the company’s financials released last week show. The listed specialty retail, distribution and logistics group’s financials for the six months ended December 31, 2016, which were restated for the purposes of showing the effect of the accounting…
AdvertisementsTWENTY three accounts on the local cryptocurrency exchange, Golix, were hacked over the past three weeks, the exchange revealed in a statement on Tuesday.Advertisements Cryptocurrencies are decentralised digital cash systems based on cryptography. Advertisements
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