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Tetrad Holdings reports $2.8 million
02/12/2013 00:00:00
by Business Reporter
 
 
RELATED STORIES

TETRAD Holdings suffered a loss of US$2,8 million for the interim period to March, down from a US$5,4 million loss made last year as it looks for buyers for its shareholding in Zimplow.

The group published its delayed results for the six months to March on Saturday but is yet to release results for year ended in September. The deadline for September results was November 30.

Net operating income was down to US$5,4 million from US$12,2 million.

During the period, the bank made an operating loss of US$3,8 million compared to a profit US$724 122 in the same period last year. A comprehensive loss of US$8,5 million compared to a profit of US$349 112 a year earlier.

In the same period, total income declined by 18 percent to US$3,4 million while operating expenses grew 31 percent to US$4,6 million. Deposits for the period grew by 8 percent from US$88,2 million to US$96 million.

In a statement accompanying the group’s financial results, group chairman Miccah Moyo despite recapitalising the bank to the tune of US$24 million, the bank’s capital remains below the minimum capital requirement.

He said the group was in discussion with potential foreign investors which should see the entity’s capital levels increasing and should also give the bank access to external lines of credit

Tetrad intends to dispose of its 27 percent stake in agriculture and mining implements company Zimplow Holdings to raise capital for its banking division, Tetrad Investment Bank.

The financial group owns about 38,5 percent shareholding in the Zimbabwe Stock Exchange-listed company.

In terms of its capital, the group closed the March period at US$33,21 million with the investment bank at US$26,47 million. The bulk of the $33.21 million was largely made up of non-distributable reserves at US$25,37 million.

Tetrad’s strategic focus is on mining, agriculture and property. The group used to have an investment in another listed entity TSL but sold the stake and bought the Zimplow stake.



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