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
 
 
Choppies Zimbabwe back to profitability
03/03/2017 00:00:00
by The Source
 
 
RELATED STORIES

REGIONAL retail group Choppies says its Zimbabwean operations have returned to profitability despite the difficult economic conditions that have slowed down consumer spending.

The Botswana-headquartered grocer will release its half year financial results ended 31 December on March 14.

Chief executive officer Ramachandran Ottapathu said in a statement ahead of the results that Zimbabwe was among the operations that have returned to profitability.

“Group results were negatively affected by trading losses in new regions namely Zambia, Kenya and Tanzania. Despite difficult trading conditions in South Africa, focused attention resulted in an improvement with losses narrowing compared to 2016. The Zimbabwean segment, despite very difficult economic conditions, returned to profit. Botswana results were affected by Rand strengthening against Botswana Pula,” he said.

Ottapathu said the group’s EPS is expected to show a reduction of 40 percent – 50 percent from the EPS reported for the half year ended 31 December 2015.

Choppies entered the local market by buying Bulawayo-based businessman Raj Modi’s investment company, Modi Enterprises, for $21.2 million and taking over 11 of the outlets that were operating under the Aaro Mart and Spar franchises in Bulawayo in 2013.

It has since grown the number to over 20 countrywide.



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