Published: 07 August 2013

RioZim half year to June 30 2013 revenue grew by 83% over the comparative period last year on the back of ENR revenue growth of 204%.

Growth in ENR revenue was largely due to the change in the business model from toll-refining to matte purchase and sale of own production.

Bank debt continued to decrease albeit at a slower rate than planned.

The group succeeded in restructuring some of the debt to slightly longer maturities and further negotiations are still in progress.

Finance costs of $4.4 million decreased by 30% from the 2012 first half costs of $6.3 million.

Overall the Group's net loss of $2.3 million was a reduction of 53% from last year's net loss of 44.9 million.

Cash generated from operations improved on improved production and the termination of the toll refining contract at ENR.

Net gearing remained high at 228% although the average cost of borrowing was reduced to 19% from 21% resulting in the 30% decline in net finance costs.

- businessdaily

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