Portland Holdings’s cement sales dropped by almost half in the six months ending March as the situation in Zimbabwe continued to deteriorate with the economy struggling with both hyperinflation and a shortage of foreign currency.
The company, which is the country’s largest cement producer, and is now part of Pretoria Portland Cement (PPC), was also hampered by high input costs and unrealistic prices which led to a temporary stoppage of operations at Colleen Bawn.
The parent company had to deconsolidate its results because of severe restrictions on the remittance of funds which made it impossible for the South African company to have effective control over the business.
PPC saw its revenue for the period increase by 16 percent to R1.6 billion. Net profit was up 30 percent to R314.8 million.
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