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OK Zimbabwe lifts earnings

Nov 22 2012 12:47
Reuters
Harare - Retail group OK Zimbabwe posted a 21% rise in first-half earnings on Thursday, driven by continued sales growth in an economy recovering from a decade of contraction.
 
OK Zimbabwe reported earnings per share of 0.46 cents in the six months to September, up from 0.38 cents a year earlier.
 
The retailer said the rate of growth in sales had slowed down this year compared to the previous three years since Zimbabwe adopted the use of foreign currencies to replace its own unit, which was destroyed when hyperinflation reached 500 billion percent in December 2008.
 
This is due to a slow down in Zimbabwe's economy, which is expected to grow 4.4% in 2012, compared to 9.3% in 2011. The government has revised its initial growth forecast of 9.4% for 2012 mainly due to a poor harvest and lower-than-expecte diamond revenues.
 
Revenue for the period was $231.2m, a 25% increase on $185.6m registered in the same period last year. After-tax profit was $4.86m, up from $3.86m previously.
 
Zimbabwe's retail sector is one of the fastest growing in an economy that is on the mend under a power-sharing government formed in 2009 by long-ruling President Robert Mugabe and former opposition chief Morgan Tsvangirai, now prime minister.

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