Zimpapers reports $1,9 million HY profit after tax credit

THE country’s biggest media house Zimpapers reported Tuesday in its re-stated half-year financials to June 30, 2015 that its profit climbed to $1,9 million from a loss of $20 000 in the same period a year ago after a tax credit of $834 000.

Usually, a tax credit is the amount that can be offset against a tax liability.

The group’s interim financials were republished after “a material tax error” was noticed after the publication of the Group’s June 2015 financial results.

“Following the detection of a material error after publication of the Group’s June 2015 financial results, the Board in consultation with the Zimbabwe Stock Exchange has decided to republish the Group’s financial results for the half year to 30 June 2015 for the benefit of stakeholders,” said Zimpapers’ board chairman Mr Delma Lupepe in a statement accompanying the restated results.