The recently introduced foreign exchange auction system has adversely affected export viability with the net effect being the halving of the Zimbabwe dollar export revenue.
A total of 40 fires, suspected to have been caused by arson, destroyed 900 hectares of timber belonging to Border Timbers, disrupting production of sawlogs.
Though the auction system that was introduced in January should see more foreign currency available on the market, exports will not be viable as long as the pricing of the foreign currency is one-sided, Murray and Roberts says in its half-yearly report for the period ending December.
Regional banking group, African Banking Corporation, had a poor showing last year with net profit plummeting from P53.3 million to P3.8 million.
Interest rates, which soared to 900 percent by December, saw the market for Turnall Holdings products immediately contract as money flow dried up.
Steelnet, which comprises BMA Fasteners, Hastt Zimbabwe and Tube and Pipe Industries, had an excellent year in 2003 with each of the three units posting growths of over 600 percent.