Zimpapers profitable in FY13

Zimpapers profitable in FY13
Published: 01 April 2014
Zimpapers Newspaper Division again carried the group's performance in the year to December  but losses in the commercial printing division and the broadcasting division saw the group restrict its profit to just $535 955.

There was an 8,56 percent growth in the top-line at $44,94 million while gross profit was at $33,13 million from $29,53 million in the comparable year ago period. The operating line was chewed to $1,85 million from $1,33 million in 2012.

Chairman Dr Charles Utete said in his results statement that the increase in gross profit was attributable to the efficient purchasing of critical raw materials especially newsprint and inks.

"This is expected to improve the production and the financial reporting processes by providing real time information flow and availability."

Overall, chief executive Mr Justin Mutasa told The Herald Business yesterday that the recapitalisation process is almost complete "so we shall soon be reaping the benefits".

The Broadcasting division recorded an operating loss of $197 418 compared to a loss of $636 795 posted in the six months in 2012.

"The product is still developing and hence the existing losses." However the division is expected to be profitable in 2014."

- The Herald
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