Rising costs which resulted in higher than expected overhead expenditure, labour unrest and the need to trim margins in order to compete saw Mashonaland Holdings’ profit at a standstill, declining marginally by 3 percent from $46.5 million to $45.2 million in the 12 months ending March.
Zimbabwe’s media, starved of any real competition since the collapse of the Daily Gazette, could be in for a big surprise.
It is very rare to get good news these days, but tea company, Tanganda, had an “exceptional” performance in the six months ending April with profit attributable to shareholders increasing six- fold from $10.6 million last year to $66.7 million.
While its major competitor British American Tobacco Zimbabwe is reeling under a $35 million doubtful debt, Rothmans of Pall Mall Zimbabwe has posted good results with the group’s consolidated earnings increasing 24.4 percent to $66.7 million in the six months ending March.
Once troubled paper giant, Art Corporation, has posted a profit of $65.3 million in the six months ending March, but profit attributable to shareholders was reduced to $56.7 million after the company paid a deferred tax of $7.9 million in addition to the taxation for the period of $675 000.
Bulawayo-based Haddon and Sly, which runs a department store and supermarkets, had a disappointing year which saw profits after tax decline from $772 000 to $215 000, although the latest results are only for 10 months because the company has changed its financial year to end in December instead of February.