Bulawayo-based Haddon and Sly, which has now been taken over by Barbican Holdings, made a profit of nearly $4 million in the first half of this year and sales for July and August exceeded the rate of inflation which was over 100 percent.
Haddon made a loss of $1.3 million in the first half of last year and a profit of only $1.1 million the whole of last year.
In its last report as a listed company, it says though sales at its supermarket increased by 147 percent, half of its profit was from unrealised quoted investment gains held by its subsidiary, Stanley’s.
The company, which was also into property and quoted investments says all unlet property had been rented out and the reversal of previous losses was expected to continue for the remainder of the year.
It could not, however, pay a dividend because working capital requirements were still very high.