Published: 14 May 2014

Astra's four months to April 2014 volumes declined 5% compared to last year, Managing Director Mac Mazimbe told an AGM this afternoon, adding that their performance mirrors the economy.
 
"Sales revenue declining by 3% and this translates to 23% of 2013 full year turnover," he said.
 
Gross profit (values) was ahead of the comparative period by 3% with margins improving to 32% from 30% due to the contribution from the chemicals division, he added.
 
Mazimbe also said operating expenses were at last year's level with operating margins strengthening to 3% compared to 1% last year.
 
In the outlook, he said, Astra will focus on working capital management and cost control as the liquidity situation in the country is worsening.
 
"A number of initiatives to grow exports of paints are underway but there will be no immediate results as we are not competitive in the target export markets."

- zfn

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