adminlast year, due to high finance costs.
The group’s revenue grew 39 percent to US$165,5 million from US$119,3 million during the same period, Meikles said in a statement yesterday.
Loss per share was US2,42c from US1,20c per share. Meikles lost US4c after trading on the Zimbabwe Stock Exchange yesterday to US20c.
Meikles said it had continued to make progress under very difficult conditions, with high borrowing costs at US$55,8 million and inadequate capital.
Revenues from TM Supermarkets rose 36,4 percent to US$136,6 million from US$100,2 million during the previous comparable period.
EBIDTA was US$3 million up from US$2,1 million. TM, which largely operated 48 stores during the period, opened another branch in Mutoko.
It closed its Mkoba branch in May while refurbishment work on the Kamfinsa branch would be completed soon.
The launch of Pick ‘n’ Pay clothing in TM stores was postponed due to delays in regulatory approvals. Its launch will now coincide with reopening of Kamfinsa.
A large Pick ‘n Pay supermarket will be opened at the former Jaggers’ site in Msasa during the first half of 2012.
Apart from the Competition and Tariff Commission, other relevant regulators have approved the Pick ‘n’ Pay investment into TM, paving the way for the SA supermarket chain to increase its stake to 49 percent.
At Tanganda, the main focus during the period was plantation development and diversification into other crops.
About 36 hectares of macadamia, 46ha of coffee and 25ha of avocados were planted.
The company is intending to plant an additional 200ha of coffee, 600ha of macadamia and 400ha of avocados during the next 18 months.
A new water bottling plant that produces the popular Tinga Mira brand was commissioned during the period under review.
Tea production was at 2 414 tonnes lower than the
2 510 tonnes produced last year as some parts of the plantations were destroyed by frost.
On the hospitality side, occupancy levels for Meikles hotels were generally up.
Revenues from Thomas Meikles Stores advanced 114 percent to US$12,2 million from US$5,7 million in the previous period, largely driven by credit sales, which accounted for 76 percent of total sales.
After meeting the various requirements set by the Ministry of Youth Development, Indigenisation and Empowerment, Meikles was accorded its indigenous status and is now in compliance.
The disposal of the Cape Grace Group is expected to be completed in the second half. Following the conclusion of the liquidation of Cotton Printers, the spinning and weaving equipment had remained unsold.
The company subsequently entered into an agreement to dispose of the equipment to former workers.
Negotiations with the Reserve Bank for the repayment of US$37 million were continuing.
Online Reporter