Published: 02 October 2017

Buildings and associated industries concern, Turnall Holdings Limited's restructuring of its balance sheet is expected to be completed this year as the group focuses on reversing earnings declines experienced in the half year to June 2017.

As at half year, Turnall had net liabilities averaging $12 million, which posed a working capital challenge for the group during the period under review despite efforts to turnaround the situation and enhance production as well as achieve profitability.

Loans and borrowings were $6,8 million, which is 18 percent below the $8,3 million in the comparative period.

Turnall acting managing director Roseline Chisveto said the restructuring would improve the firm's performance in the half year and going forward.

Turnall recorded a 12 percent decline in revenue to $7,7 million on the back of a 17 percent decrease in sales volumes to 15,557 tonnes.

Roofing products volumes were 32 percent weaker in the period under review while concrete products' volumes fell by 10 percent. Further volume declines were, however, weighed down by a 506 percent increase in pipe volumes.
- the herald

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