Harare – CFI Holdings’ turnover for the half year ended March 31 2018 increased by 34 percent to $33 million compared to $24.6 million achieved in the prior year on the back of better market opportunities in the retail sector. CFI controls a vast array of retail operations in Zimbabwe trading as Victoria Foods, Agrifoods and Farm & City although most of the operations have been struggling.  The company’s Retail segment retails in and wholesales hardware and fast moving consumer goods, and poultry products, as well as offers veterinary products and technical service. Of the total turnover, the retail operations contributed 95.4 percent whilst the farming operations contributed 4.6 percent. The group earnings before interest, taxes, depreciation and amortization (EBITDA, for the period improved by 80 percent to $3.7 million against $2 million in the prior period. CFI said the improvement was on the back of increased volumes, enhanced cost containment efforts and improved margins. Financial costs for the period increased by a marginal growth consequently the group registered a 109 percent growth in profit before tax at $3.2 million compared to the $1.5 million achieved last year. CFI Holdings acting board chairperson, Itai Valerie Pasi, in a report said the loss before tax of entities under the Judicial management declined. “The loss before tax incurred by entities under the Judicial Management (and not consolidated) during the half year declined by 36 percent to 0.9 million compared to the 1.5 million in 2017 on the back of the resumption of operations at Agrifoods  and the favorable impact of toll milling arrangements entered into at Victoria Foods. “The group’s capital expenditure during the period was $0.65 million compared to $0.16 million last year. Cash generated from operations improved during the period due to improved profitability and group borrowings declined to $2.26 million from $3.8 million owed in the prior year after fully repaying the PTA loan,” she said. Pasi said the Group is in the process of verifying the remaining borrowings given certain irregularities and conflict of interest on the part of the lender and a former Director. On recapitalization and outlook, the group said it remains seized with strengthening Farm & City operations to re-assert its place as dominant agro-inputs and building materials hardware retailer and ensuring horticultural and cropping projects at Glenara Estates trade profitably after the business recent recapitalization. The Group said it will also be engaging creditors and lenders for entities under Judicial Management in order to conclude Schemes of Arrangement to enable the entities to trade favorable going forward. Additionally, the group said it is still considering various recapitalization options, including but not limited to a Rights issue.