23 January 2018
   
Mzembi challenges arrest; quits politics
Mudzuri: Amnesty for MDC-T cop murder 3
Mnangagwa: Grace mentally unstable
ZESA gave Chivayo $7m, not $5m: Parly
Botswana cops release Mugabe cars
Grace's luxury cars damaged in accident
Chamisa dares military chief on elections
Winky D gives voter registration oomph
MORE NEWS
Filthy 5-Star hotels: Economy blamed
Gemmology center in Mutare soon
MORE BUSINESS
‘Am I African’ explores Zim's race conflict
Gafa’s Epworth concert draws thousands
MORE SHOWBIZ
Billiat might still leave: Sundowns coach
Katsande: Chiefs show championship mentality
MORE SPORTS
Mnangagwa’s ‘New’ Zim merits support
Zhuwao: kleptocracy and EDiots in Davos
MORE OPINION
 
Mnangagwa off to Davos empty handed
Economy: the need for a paradigm shift
MORE COLUMNISTS
 
 

Dawn back in black with $480k H1 profit

19/09/2016 00:00:00
by Source.co.zw
 
 
RELATED STORIES

HARARE: Dawn Properties reported an after profit of $480,000 in the six months to June from a loss of $371 000 last year, as the company cut costs by almost 50 percent.

The group’s cost cutting measures included reducing its staff by 60 percent which resulted in operating expenses in the half year period declining by 47 percent to $1,2 million.

Revenue fell from $2,2 million from $1,8 million due to lower revenues in hotel rental business.

The hotel lease business contributed 46 percent to group revenue while the remaining 54 percent came from the property consultancy business.

Hotel operating lease rentals were 22 percent down to $865,000 compared to $1,1 million in the same period last year.

In a statement accompanying financial results on Friday board chair Phibion Gwatidzo said Dawn was in discussions with Barclays Bank and Barclays Bank Pension Fund to acquire Makasa Sun which owns The Kingdom Hotel in Victoria Falls.

The group’s Elizabeth Windsor flat gardens in Marlborough are expected to be complete by year end.

Assets grew by 2 percent to $90, 8 million following the acquisition of Timeshare properties from African Sun Limited for $1,1 million.

The board did not declare a dividend.



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