Foreign currency earnings for the year rose by 41350%Â to $755b.
Zimsun announced that it was gearing itself up to take advantage of the 2010 FIFA World Cup and refurbishment of existing hotels has continued and the group is currently involved in the redesign and refurbishment of the Bridge Restaurant at Express by Holiday Inn, construction of a conference room at Great Zimbabwe Hotel and the upgrade of the facilities at Crowne Plaza Monomotapa Hotel.
The growth in revenue was ahead of operating costs at 41 415% and the contribution to revenue by The Grace in Rosebank, Johannesburg constituted 19% of group revenues, an improvement from 16% in the prior year. This was largely due to improvement in occupancies at the hotel.
Operating profit was $564 billion, a 58000% growth though the net margin declined slightly from 23% in prior year to 19% due to the implementation of price controls in the hospitality industry.
Profit before tax was $491 billion against $1billion in the prior period. Attributable earnings were $361.8b, a growth of 38 512% over the comparative period. Basic EPS grew from $1,55 to $563,11.
Room occupancy increased from 35% to 40% with domestic arrivals contributing 62% and foreign 38% where as in 2006 domestic contributed 64% and export 36%. Revenue per available room increased from $3925 to $6,878,538.
Foreign arrivals to the group’s hotels improved by 17% on the back of an upsurge in traffic from the USA and Canada into the Victoria Falls.
Post published in: Economy