admincommenced and should be complete by July 2014.
ART recorded an after-tax profit of US$286 000 in the half year to March 31 2013 which represents a 17 percent increase from the same period last year.
“The group recorded a net profit after tax for the six months of US$286 000 after charging interest cost of US$940 000 to operating profit of US$1,05 million,” said the company’s chairman Mr Passmore Matupire, in a statement accompanying the results.
The revenue for the period under review was US$16,99 million from last year’s US$16,98 million.
“The business was marginally profitable in the half year period to March 2013. Turnover at US$16,9 million was at the same level as prior year,” said Mr Matupire. The board of directors considered the group’s operational activities benefiting from discontinuance of loss-making operations which resulted in improved margins and reduced operating costs.
“During the half year to March, the group reduced debt by US$1,04 million with proceeds generated from disposal of the Zambia property,” said the chairman. Mr Matupire said that the batteries division operated well.
“Chloride Zimbabwe achieved a turnover of US$5,6 million during the period under review which was 9 percent above the prior period due to increased vehicle population,” he said.
He said that the paper business performed poorly because market liquidity constraints coupled with intense competition affected the paper and stationery division significantly. He added that increased competition in the tissue business resulted in the reduction in volumes.
He said: “The paper business recorded a disappointing performance during the first half of the year with a loss before tax of US$186 000 against a prior year profit of US$72 000.”
ART is the holding company of a manufacturing group of businesses in Zimbabwe with distribution operations in Malawi, Zambia, Zimbabwe and South Africa.
Online Reporter