TSL profit up


ZIMBABWE Stock Exchange–listed diversified group TSL Limited’s after-tax profit for the half-year to April 2013 rose to $3,1 million from $2,3 million recorded during the same period last year, driven by growth in revenue on the back of a buoyant tobacco season, the company has announced.

Report by Tarisai Mandizha

Attributable earnings per share, according to the company’s unaudited results for the year ending April 30, were up 29% to 0,9% as the board resolved to declare an interim dividend of 0,2 cents per share.

Revenue was 31% to $20 compared to the same period last year.

Finance costs, however, rose by more than ten times to $326 000.

TSL chief executive officer Washington Matsaira said the group’s subsidiaries — Propak and Tobacco Sales Floor — contributed the bulk of revenue during the period under review.

Revenue generated by Propak, according to the financial results, rose by 44% compared to the same period last year.

“The Tobacco Sales Floor benefited significantly from a bigger national crop which is expected to be 30% up on the previous one,” the company said in a statement.