20 September 2014
   
New Zimbabwe Header
Tsvangirai suffers huge setback
Man hangs self over nagging STI
'Cheating' ex-Warriors star stabbed by wife
Crisis as hospitals go without water
China and Zim’s silent economic revolution
Jilted man jailed in UK for Ex attack
Seized $45m sours Zim ties with Brussels
2 mln living in abject poverty, report
MORE NEWS
ZSE index closes week in the red
Barclays, CBZ: Is risk being overstated?
MORE BUSINESS
TB Joshua: When stupidity rules
Zim Butterfly in Big Brother house
MORE SHOWBIZ
Cara storms into Tokyo Open finals
Afcon 2017: Zambia snubs Zim co-host bid
MORE SPORTS
Dulini: Principled and dependable to the end
Stealing farms will not empower society
MORE OPINION
 
Gutu: Put Zimbabwe first
Social responsibility vs economic efficiency
MORE COLUMNISTS
 
 
Celsys Limited revenues up 65pc
15/12/2012 00:00:00
by Roman Moyo
 
Rising revenues ... Celsys Limited
 
RELATED STORIES
Barclays Zim skipped in Absa merger
RTG approves US$4, 5m rights offer
Ups and downs for Tetrad Holdings
Mzembi scoops 3 leadership awards
US$4,8m loss for StarAfrica Corp
Gvt to tighten bank ownership rules
Pick n Pay opens second store in Zim
PGI to dispose of MBD equity

CELSYS Limited has announced a 65 percent increase in revenues for the year ending August 31, 2012 due to improved efficiencies in production.

The Zimbabwe Stock Exchange-listed company says its returns jumped from US$1, 1 million to US$1, 8 million.

Yet, it revealed Friday that it still requires massive capital injection to continue with its expansion plans and rake in more profits for shareholders.

The increased efficiencies in production and a turnaround due to capital expenditures made in prior years allowed the gross profit to rise by US$348, 000 to US$571, 000 with margins improving from 20 percent in 2011 to over 31 percent in 2012.

Directors say Celsys Print accounted for 85 percent of the revenue while Celsys Technical Service contributed the balance of 15 percent.

“Administrative expenses increased by 40 percent for the year under review, the major cost driver being staff costs which increased by 22 percent alone,” said company official Paul Turner.

He said as a result, losses from continuing operations, before taxation and de-listing expenses increased by US$301, 000 to US$872, 000.

Cost associated with the Scheme of Arrangement have been disclosed separately as these are one-off expenses that amount to US$151, 000.

Interest costs related to third party lenders are the only interest costs that have been charged to the income statement. Related party loans are now said to be interest-free.

The listing of Cambria Africa Plc has been delayed as the ZSE has requested that both Cambria Plc and Celsys Limited release and publish their audited financial results for the year ending August 31, 2012 before the delisting of Celsys Limited and the admission of Cambria Africa Plc to the local stock exchange can be effected.

Going forward, Turner said the company continues to operate under constrained conditions as a result of the subdued economy.

However, he said his company continues to make inroads and has managed to retain a greater portion of the market share, thus positioning Celsys as one of the major players in the commercial printing sector.

“The future potential of the economy is dependent upon the continued support of the majority shareholder and in the successful listing of Cambria Africa Plc on the Zimbabwe Stock Exchange.”



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