Medtech revenue drops 26 percent


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MedTech Holdings has reported a 26 percent drop in revenue to $9.8 million in the full year to December 2016 from $13.2 million the prior year as demand continues to fall.

MedTech is a holding company with interests in manufacturing, marketing and distribution of health, hygiene, beauty and pharmaceutical products.

The company recorded a loss before tax of $275 486 compared to a profit before tax of $476 914 in 2015.

Operating loss declined from $378 825 the prior year to $216 778 in 2016 while loss from continuing operations was $232 476  from a profit of $231 368.

The group’s net financing costs worsened to $58 708 from a net finance income of $855 739.

Medtech assets stood at $1.1 million from $526 306 in 2015.

“The trading environment and macro economic situation remains uncertain and is not expected to improve in the year 2017. Therefore, focus will continue to be placed on maintaining sales and strict cost control,” said chairperson, Rose Mazula.- The Source

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The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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