HARARE - Hotel chain African Sun Limited is building a Holiday Inn Hotel in Gaborone, Botswana, which is expected to open on August 1.Chief Executive, Shingai Munyeza, said the groups new projects included the 151-room hotel in Botswana and another with 583 rooms in West Africa under management contract. The companys turnover last year amounted to $38,4 million – a 59 percent increase from $24,1 million previously.
Munyeza pointed out the appreciation of the South African Rand and “temporary ban” on the importation of meat and dairy products into Zimbabwe due to the outbreak of the Rift Valley fever in neighbouring South Africa, affected the subsidiary Hotelserve’s margins.
The company reduced costs through a retrenchment exercise and implemented initiatives that would reduce fixed costs and result in savings amounting to $1 million in the financial year to September 30, 2011.
Its share price currently stands at $2.00.
Post published in: Economy