Harare – ZECO Holdings Limited revenue for the half year ended June 30, 2018 closed at $0.126 million compared to $0.082 million in the prior year.

Group Chairman, Dr Phillip Chiyangwa said this rise in revenue was due to the operating environment during the period under review which started showing positive signs as the new Government enacted investor friendly policies, although liquidity challenges persisted and foreign investors kept a wait and see attitude as the country went into election mode and this weighed on the Group’s performance.

“Cost containment continued but revenue could not cover operating costs resulting in a negative bottom line $0.675 million compared to the $0.754 million recorded in 2017. The Group asset base stood at $39.195 million.”

Gross profit for the period went down to $10 206 compared to $30 792 realised last year.

In the period under review the Group encountered a loss from operations of 675 964 compared to 754 981 the prior year.

Dr Chiyangwa said Delward Engineering the Group’s subsidiary based in Bulawayo and relies on infrastructure projects, was not spared in its core business.

He said due to challenging economic environment, no major projects were undertaken during the period under review although positive leads persisted.

At Crittal Hope, which is in the construction sector, Dr Chiyangwa said its performance continued to be encouraging with improved results from the prior year.

“New construction started taking off in the country emanating from the positive environment,” he said adding that he hopes the remodelling at Zimplastics should provide a positive outlook due to the new dispensation.

Going forward, he said the group will continue to innovate and maximise on any opportunity which avails itself including prospects of linkages of local and regional players.

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