17 January 2018
   
ED takes over Bob's globe-trotting too?
$150m waste: Vic Falls airport shocker
Grace, Bob sanctions review in February
Africa handled Mugabe ouster: Namibia Pres
SA: Student fails; kills Zim teacher
Zim family still at Thailand airport
Mnangagwa off to Zambia Friday
Special corruption courts soon: CJ Malaba
MORE NEWS
SMM saga: Letter to RBZ chairperson
Minister sells post-Bob Zimbabwe in Spain
MORE BUSINESS
Racism: Malema party storms H&M stores
Donel Mangena rocks The Voice UK
MORE SHOWBIZ
Mourinho says 'relaxed' about Sanchez
Bangladesh easily beat Zimbabwe
MORE SPORTS
'Shit-hole': Just Take moral high ground
ZHUWAO BRIEF: ED-iots and election delay
MORE OPINION
 
Trump rage ignores truth: A response
ED govt legitimacy & the church’s role
MORE COLUMNISTS
 
 
Meikles Limited narrows half year loss to $2,8m
28/11/2014 00:00:00
by The Source
 
 
RELATED STORIES
‘Unattractive’ TBs stall Meikles restructuring
Meikles in talks with foreign investor
Meikles eyes profit for retail unit
Meikles to retire short-term loans
Meikles eyes 51pc in Matabeleland mine

DIVERSIFIED group, Meikles Limited has narrowed its loss to $2,8 million for the half-year ended September 30 from $37,5 million during the same period last year.

The group’s revenue stood at $196 million from $190 million in the previous year, while revenue for the quarter to September had exceeded that of the previous quarter by six percent driven by growth in its subsidiaries.

“Year on year turnover for the six months, although not strictly comparable with the previous period, did increase by 3.1 percent, with positive contributions to growth from all divisions other than stores,” the group said in a statement accompanying its results on Friday.

However, the group said its earnings before interest, taxes, depreciation and amortisation stood at negative $1,5 million.

TM Supermarkets grew by eight percent, hotels 36 percent and Mega Mart 21 percent.

Stores declined by 38 percent due to the rationalisation undertaken by the division while Tanganda reduced by 22 percent.

Depreciation went up by 53 percent to $4,4 million, while occupancy and employee costs increased by 11 percent to $10 million and seven percent to $23,2 million respectively.

“These increases are due to the substantial group expansion and renovation projects that have been undertaken in all divisions,” said the company.

The group’s borrowings reduced by $6,8 million, while cash balances simultaneously declined.

“The reduction in cash balances was mostly due to TM Supermarkets expenditure relating to renovations and expansion,” read the statement.

The company said turnover for the TM supermarkets grew by 11 percent compared to the previous period while that of November was expected to exceed the rate.

Hotels grew by four percent in October compared to the same period last year while Mega Mart continued to registered a month-on-month growth.

The group’s agriculture concern, Tanganda, was beginning to benefit following recent commissioning of a new packaging machinery.

Turning to its mining interest, the company said it had received approvals from the central bank and youth and indigenisation ministry for participation of its foreign partners in gold mining in Matabeleland.

“It is expected that the agreements will be finalised in the foreseeable future with our partners,” it said.



Advertisement


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark

 
 
 
comments powered by Disqus
 
RSS NewsTicker