In a statement accompanying the companys financial results for the period ended June 30, Turnall Holdings chairperson, Herbert Nkala, said capacity utilisation could have been much higher had it not been for serious power outages at their Bulawayo factory. I am pleased to report the first drawdown from the US$5 million loan secured for the non-asbestos plant capital project has taken place. The equipment being purchased is to manufacture asbestos free products for the South African market in response to the asbestos ban that has since been promulgated in that country. The commissioning of the plant is planned for 2010, said Nkala.
The company recorded a turnover of US$3 924 353 with exports contributing 14.2 per cent of total turnover. An operating profit of US$1 005 043 was posted during the period. Profit before tax was US$891 889 was achieved after charging net financing charges of US$113 154. An attributable profit of US$306 210 was achieved. Basic earnings per share were recorded at 0.06 cents, said the chairman.
Nkala said the company was well positioned to seize opportunities emanating from the recovery of the construction industry.