RADAR Holdings Limited recorded 15% production volume in the first quarter of the year from July to September despite a tough operating environment in the country, an official has said. MTHANDAZO NYONI OWN CORRESPONDENT
Briefing shareholders at a trade update general meeting in Bulawayo yesterday, Radar finance director Walter Zimunya said owing to the prevailing harsh economic climate, the group was now focusing on improving the top line.
“The operating environment is tough and is not expected to improve in the short term,” he said.
“Production volume was 15% higher than the same period last year. Revenue for the first quarter is 20% behind prior year due to brick sales volumes which are 16% lower.”
Zimunya said as the group was faced with a depressed market, the focus was now remaining on cost containment and improving production efficiencies.
He said margins of 30% were realised in the first quarter and these were in line with their expectations.
Zimunya said occupancy in the commercially-leased property was marginally up to 60% from 62% recorded last year.
The group had a net current liability position of $2 421 282 as at June 2014 as compared to $4 238 293 recorded last year. It recorded a profit after tax of $288 006 from a loss of $2 289 945 in 2013.
- Chamisa under fire over US$120K donation
- Mavhunga puts DeMbare into Chibuku quarterfinals
- Pension funds bet on Cabora Bassa oilfields
- Councils defy govt fire tender directive
Keep Reading
The group’s operations have been significantly affected by the challenging environment particularly the lack of liquidity in the country.
Currently, the group is in the negotiations to access medium to long-term funding from local and international lenders to develop its 2 000-hectare urban land in Bulawayo into its residential properties.
