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Harare Bureau
RADAR HOLDINGS is targeting to produce 60 million bricks in the current financial year with a 19 percent increase in volumes anticipated after the completion of a dedicated power-line project at its Willsgrove plant in Bulawayo.
Giving a trading update at the AGM held on Wednesday CE Elias Hwenga the group expects demand to increase on the back of rising construction work in mining and government projetcs.
Sales in the four months to 31 October were marginally ahead of last year at $3,1million but were 20 percent below budget. Profit in the same period was $389 000 against $304 000 last year. Mr Hwenga said profits had slightly increased in spite of the difficult operating environment.
“The deep liquidity constraints are driving up the costs of funding to unsustainable levels but this had been partly offset by the savings in overheads after the re-organisation.”
Following the restructuring of the group, there was now a lean head office which would result in permanent savings on overheads of $400 000.
Online Reporter