HARARE,– Plastic products manufacturer Proplastics on Friday reported a 43 percent increase in after tax profit to $263,000 in the six months to June driven by an 11 percent growth in sales volume.
Proplastics was unbundled from its parent company Masimba Holdings in June. It said its $1 million High Density Polyethylene (HDPE) plant, which was commissioned last year, had contributed significantly to its overall output.
Revenue was up 13 percent on prior year to $6,6million.
Overheads grew 11 percent as a result of a once off cost associated with the unbundling exercise.
Finance costs were 33 percent lower on prior year while earnings before interest, tax, depreciation and amortisation (EBIDTA) increased by 26 percent to nearly $800,000.
The company said it expects a stronger second half performance and that it will continue with its plans to modernize its plant in order to make it regionally competitive.
BULAWAYO– Listed resources group Falcon Gold could close operations because of poor commodity prices and is struggling to attract buyers for its mothballed Dalny Mine because of poor investor appetite ...
HARARE (Reuters) - Zimbabwe has completed the $40 million purchase of a 60 percent stake in mobile telecoms operator Telecel from Vimpelcom, the communications minister said on Monday.
Vimpelcom announced in ...
ZIMBABWE’S biggest shoe manufacturer, Bata Shoe Company, is eyeing the Uganda and Kenya markets as it seeks to increase its footprint in regional and international markets.
Last year, Bata exported into ...
HARARE,-- The International Monetary Fund (IMF) has said it is not discussing any financing program with Zimbabwe, which is pursuing a debt clearance plan with international financial institutions.
Zimbabwe in May ...
THE Competition Commission has recommended to the Competition Tribunal that a deal for Belgian-based brewer Anheuser-Busch InBev (AB InBev) to acquire SABMiller (SAB) be approved with conditions.
Competition Commissioner Tembinkosi Bonakele ...
Depeche Mode are back, releasing their 14th studio album which the British synth-pop musicians describe as “bleak”. The Syrian conflict and rise of nationalism in Europe are cited by the band as inspiration for their […]
After a long wait, Drake’s next project, “More Life,” is finally releasing on Saturday. Originally believed to be an Apple Music exclusive, it’s now looking like the playlist will also be available on other streaming […]
Rick Ross released his new album “Rather You Than Me” Thursday and took some shots at Birdman and Nicki Minaj. In the song, “Idols Become Rivals,” the MMG star dissed rapper Birdman for not paying his artists […]