adminTransport and logistics provider, Unifreight posted a $2,5 million net profit for the half-year ended June, 2016 bouncing from a $2,3 million loss in the comparable period aided by disposal of some subsidiaries. In the period, group revenue was flat at $12,12 million while a 14 percent reduction in costs aided its earnings before interest, tax, depreciation and amortisation (EBIDTA) which went up to $1,9 million from $1,6 million.Group chairman Patrick Chingoka said a restructuring exercise undertaken by the group had paid off. “Discontinued operations showed a $2,606 million profit, compared with a $1,201 million loss prior year.
“A total improvement of $4,825 million,” he said. The Zimbabwe Stock Exchange listed firm however, posted a $71 000 net loss from its continuing operations, an improvement from a $1,1 million loss in the comparable period in 2015.
Unifreight, which is incorporated in Zimbabwe, also has operations in Botswana and South Africa. The group, whose other companies include Swift, Bulwark and Sky Net, is primarily involved in the road transport industry.
In the past two years, the group disposed of some of its operations among them Pioneer Clan Botswana, Pioneer Coaches, Mavambo Coaches and PXL Freight and Logistics as well as its 51 percent state in Tredcor Zimbabwe Limited which is involved in the tyre-retreading business.
Chingoka said going forward, volumes and revenues would remain depressed.
“We are projecting, for continuing operations, a break-even profit position for the full year to December 31 2016 versus the 2015 full year loss from continued operations of $3,980 million,” he said.
He said the group was “aggressively” pursuing opportunities to boost its revenues and would also be implementing further cost cutting measures to aid performance. – New Ziana.
Online Reporter