Zimre revenues rise 53pc

US$1,21 million in the corresponding period last year.
The company’s chairman, Mr Buzwani Mothobi, said that major contributors to the revenue were rental and sales income from the disposal of stands in Bulawayo and Masvingo, respectively.
Consequently, total income improved by 17 percent from the prior comparable period.
Administration costs marginally exceeded their June 2010 levels by 4 percent, reflecting the cost-containment strategies employed by management.
However, building operating costs – largely driven by utility charges – worsened from US$127 000 during the 2010 half year to US$264 000 this year, a 107 percent increase. Operating profit grew by 14 percent to US$844 000 compared to US$735 000 recorded in the first half last year.
Profit before tax at US$702 408 was 75 percent better than the US$401 993 recorded in the prior comparable period.
During the period under review, there were minimal rent reviews. Prior to this, retail rentals rose significantly to average US$15 per square metre from US$12 per square metre in December last year, said Mr Mothobi.
Portfolio office rentals experienced some marginal rise in line with prevailing market rates to average US$7 per square metre up from US$6,50 in December last year.