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LISTED cable manufacturer Cafca export volumes reached 106 tonnes during the third quarter of this year compared to 91 tonnes in the corresponding period last year.
That saw turnover amounting to $37,4 billion in historical terms. In the same period last year, revenue stood at $3,3 billion.
CAFCA’s primary market is Southern and Central Africa, although it has an export footprint that reaches into the European Union (EU) including Russia.
“Export volumes were 106 tonnes in the current quarter versus the same quarter last year of 91 tonnes. Our customers in Malawi continue to experience difficulty in obtaining foreign currency so stock replacement there is slow.
“Mozambique, Rwanda and Tanzania sales were in line with forecast,” said the company secretary Ms Caroline Kangara in a quarterly trading update for the period ended 30 June.
“Local volumes for the quarter were six percent down on the same quarter last year with the largest drop being in the utilities sector but a marked drop in all the other sectors towards the end of the quarter due to the tight ZWL$ monetary policy.”
Ms Kangara said the last quarter of the financial year outlook is mixed with the tight monetary policy impacting negatively on volumes while the large project orders are expected to improve volumes to ensure a good quarter.
“We have seen, with the ZWL$ tightly controlled in the market, a shift in our US dollar sales to 85 percent of turnover thus ensuring adequate foreign currency for our import needs.”
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