Lafarge Cement’s revenue for the first quarter to March was 15 percent lower than comparable period last year due to low aggregate demand caused by excessive rainfall and falling disposable incomes, chief executive Amal Tantawi said yesterday.
Zimbabwe’s Treasury has issued about $600 million worth of Treasury Bills to settle debts owed by parastatals and local authorities to the country’s power utility, a senior government official has said. In January, the Zimbabwe Electricity Supply Authority (ZESA) reported that it was struggling to recover over $1 billion in unpaid electricity bills with government departments accounting for the majority of the debt.
The World Bank has lowered Zimbabwe’s growth projection to 2.3 percent for this year, from an initial forecast of 3.8 percent in January, saying the economy remains fragile.
Electrical goods manufacturer and retailer, Powerspeed’s net income for the interim period to March more than doubled to $580 673 from $161 595 recorded in the comparable period last year on increased revenue and cost containment measures.
Art Corporation’s after tax profit for the six months to March 31, 2017 increased 41 percent to $1.3 million compared to $892 000 same period in prior year, largely driven by improved performance across its business units.