The company said in the results released today that it recorded earnings before interest, depreciation and amortisation of $3,6 million from $2,17 million during the comparative period last year. Profit before taxation stood at $1,23 million.
“African Sun realised revenue figures of $26,6 million for the period under review. Revenue grew by 1.6 percent to $26.6 million in comparison to the same period last year. The marginal growth was attributable to a 6 percent growth in Average Daily Rate,” the company said in the financial statement.
“The performance for the period was pleasing, as results demonstrated consistent growth in key performance indicators’” African Sun said. African Sun is currently refurbishing some of its properties in the country.
“The first phase of the refurbishment programme has started to yield positive results, with the Average Daily Rate for the refurbished hotels increasing by an average of 11 percent. The refurbished Holiday Inn Bulawayo was commissioned to the market during the period under review.
“Crowne Plaza Monomotapa and Holiday Inn Harare refurbishment is expected to be complete by the end of July 2013. Refurbishment of the Group’s three Victoria Falls properties has started and will be substantially complete in time for the UNWTO conference scheduled for August 2013,” the group said. African expressed hope for its future.
“The UNWTO conference, in August 2013, will provide the tourism sector with a unique marketing platform, which will enhance the visibility of the destination going forward. The resurgence of our national airline is also expected to increase volumes into our Victoria Falls hotels, through domestic conference business,” the hospitality concern said.
Meanwhile African Sun was not the only company to release its financials today. National Tyre Services Total recorded a comprehensive income for the full year ended March 31 of $873,975. The company had total revenue of $17, 580 million, an operating profit of $891,567 and profit before tax of $1, 186 million.
“The anticipated growth of the national fleet earthmoving and construction equipment augur well for the tyre industry and the company has positioned itself to enhance its market position. Management will continue to explore innovation in products and services according to identified customer needs and pursue new distribution channels,” NTS said in the statement.
NTS said the liquidity constraints which were expected to continue in the short to medium term and the competitive space were likely to drag sales and squeeze margins. The company did not declare a dividend citing the liquidity issue.
Dawn Properties Limited recorded a profit just over $250,000 for the full year ended March 31.
The firm recorded profit before income tax of $ 1,651 million, profit for the year from continuing operations of $1,562 million. The company recorded a loss for the year from discontinued operations of $1, 311 million leaving a profit for the year of $251,447.
Paper products manufacturer Hunyani Holdings Limited, in its report for the half year ended April 30 recorded profit before tax of $767, 641, profit for the period from continuing operations $523,584, loss from discontinued operations of $116, 219 and a profit for the period of $407,365.
The company’s total revenue for the period was $19,792,377.
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