Meikles Africa still in the red

six months of the               year.
The Zimbabwe Stock Exchange-listed firm said the improved performance came on the back of a US$6,3 million provision for exceptional expenses.
Executive chairman Mr John Moxon said the board decided to make full provision for both known and anticipated losses that could impact on its results.
“Most of these expenses were incurred in the second half of the year and they include compensation for loss of office, legal and professional fees,” he said.
Mr Moxon added that the known and anticipated costs also included a write-off of certain receivables, advances and impairment of property, plant and equipment.
Despite the 47 percent decline in overall loss, Meikles performance was affected by severe frost its agricultural operations.
“The losses that arose and were accounted for in the second half of the year as a direct result of the adverse weather amounted to US$2,9 million in indirect revenue and US$2,3 million loss for profit,” said Mr Moxon.