In the company’s unaudited consolidated financial results for the half year ended 30 June 2011, Chiyangwa said sales at Crittal Hope, a ZECO Holdings subsidiary, declined by 15 percent compared to the same period last year. He added that a change was expected in the second half of the year as the company was implementing a vibrant marketing strategy.
“The decline was a result of direct competition with cheap imports,” said Chiyangwa.
The chairman said a shortage of electricity affected operations at Zimplastics, another subsidiary. He said discussions with the Power Utility for a dedicated supply for the factory were at an advanced stage and this would boost the entity’s productivity.
Mr Chiyangwa said the group has started implementing a strategy to achieve growth through intra-synergies after realizing that most products from subsidiaries fed into one another.
“The coming back on board of various mining companies and new entrants gives a green light to our business. Consultations for smart partnerships are being done with regional and international key players in the industry,” he said.
ZECO Holdings had a total revenue of $853 063 compared to $918 671 last year and recorded a total loss for the period of $889 403 compared to $595 441 of June 2010.Post published in: Business