Breaking News

Meikles revenue up 16% in 9 months

by Business reporter
19 February 2013 | 2264 Views
Meikles group revenues for the 9 months ended 31 December 2012 increased by 16% compared with the prior period driven by increased volumes and margins, the company said in an Interim management report released yesterday.




Group costs only show an increase of 3% over the same period and resultantly, operating profit is showing a significant increase compared with that achieved in the prior year.

As reported in the interim Chairman's statement dated 21 November 2012, the group is pursuing opportunities in the mining sector and has made the necessary applications to the regulatory authorities. Stakeholders will be updated once there are new developments on this initiative.

TM Supermarkets has upgraded the Westgate branch and rebranded it into a Pick n Pay store, bringing the number of Pick n Pay branded stores to two in the country. In addition, one of the Chinhoyi branches was also refurbished and this has continued to operate as a TM branded store.

New refrigeration and air condition units were installed at the flagship Borrowdale branch, while the refurbishment works at the Hwange branch are nearing completion. TM has seen increased volumes and margins from the refurbished branches.

"The branch refurbishment programme is an on-going exercise as we seek to improve our offering at all branches that we operate from."

"The refurbishment programme at Meikles Hotel is nearing completion and we expect the new rooms to be available to our guests before the end of our financial year."

Procurement of materials to refurbish the Victoria Falls Hotel has started and is in progress. It is anticipated that phase one of the renovations targeting approximately 44 rooms and public areas at the Victoria Falls Hotel will be completed at the end of July 2013 and in time for the UNWTO conference. Phase two to complete the remaining rooms will commence after the UNWTO conference.

The departmental stores' performance which has not measured up to expectations, reflect the challenges in the operating environment. The revenues have not grown while credit has been deliberately curtailed pending improvement in the economy.

Plantation development on the Tanganda Tea Estates is being advanced. To date 187 hectares of avocadoes, 457 hectares of macadamias and 125 hectares of coffee have been planted. The global tea prices have gone up in the past months and this augurs well for tea revenues.

"Despite a late start to the rainy season, good rains have been received through January 2013 to date and we therefore expect tea production to increase in the coming months."

"We remain optimistic and positive about the outlook in most of our businesses. Our performance in the financial year ending 31 March 2013 is expected to show much improvement from the outturn of the previous financial year".

Meikles

Source: zfn

Comments

News Updates via Email

Email:

News Updates via WhatsApp

Latest News

Planned deadly assaults on Mugabe's family revealed - The First Lady, ...

by Staff reporter | 12 February 2016 | 795 Views

Man murders teen lover, drinks her blood

by Staff Reporter | 12 February 2016 | 1264 Views

Zimbabwe has no government - Zimbabwe has no government12 February 201...

by Moses Manyengavana - PDP Youth Assembly President | 12 February 2016 | 826 Views

Boy (8) shoots dead friend (7)

by Blessing Rwizi and Mercy Ngwebvu | 12 February 2016 | 828 Views

Opposition must not be fooled by ZANU PF 'squabbles' - "My generation ...

by Moses Chamboko | 12 February 2016 | 505 Views

Zim opposition fiddling whilst country burns - what else, they are fid...

by Patrick Guramatunhu | 12 February 2016 | 270 Views

Salesman steals $3 000 from employer - A MUTARE salesman was last week...

by Tendai Gukutikwa | 12 February 2016 | 500 Views

Spirits haunt man in court - A MARANGE family that is being tormented ...

by Tendai Gukutikwa | 12 February 2016 | 563 Views

Controversy haunts dead dealer - EVEN in his death, the late controver...

by Liberty Dube | 12 February 2016 | 514 Views

'Am not a harlot' - Grace Mugabe

by Thobekile Zhou | 12 February 2016 | 1246 Views

Maize dealers secure foreign markets

by Samuel Kadungure | 12 February 2016 | 360 Views

Mamelodi Sundown's invade Bulawayo

by Thobekile Zhou | 12 February 2016 | 1489 Views

Thieves shot man during operation - A 62-year-old bar owner from Lents...

by Staff Reporter | 12 February 2016 | 823 Views

TB Joshua chosen to represent Nigeria at international conference

by Ihechukwu Njoku | 12 February 2016 | 1228 Views

No pay for doom Sayers - The much awaited explosive ZANU PF, politburo...

by Caitlin Kamba | 12 February 2016 | 1229 Views

America Sino-Soviet relations and its implication to African foreign p...

by Andrew M Manyevere | 12 February 2016 | 426 Views

Welshman Ncube's dictatorship exposed

by Sibusiso Ndlamini | 12 February 2016 | 1211 Views

Gukurahundi issue: Mujuru seeking political relevance

by Mukachana Hanyani | 12 February 2016 | 1650 Views

Sangoma threatenens squarter with ancestrail spirit attack

by Staff Reporter | 12 February 2016 | 1007 Views

Man hangs self over girlfriend - MULALO Netshunzhi (23) decided to end...

by Staff Reporter | 12 February 2016 | 1977 Views

Sick old man says sugar mama abuses his private part - VALENTINE’S D...

by Staff Reporter | 12 February 2016 | 2500 Views

Mugabe mulls cabinet reshuffle - PRESIDENT Robert Mugabe is considerin...

by Staff reporter | 12 February 2016 | 3184 Views

Mugabe juggles Zanu-PF succession wars - PRESIDENT Robert Mugabe on We...

by Staff reporter | 12 February 2016 | 1421 Views

MDC lashes Mugabe over Tsvangirai 'insults' - The MDC has condemned Pr...

by Staff reporter | 12 February 2016 | 1151 Views

Cartoon an 'insult to women, Ndebele people'

by Khanyile Mlotshwa | 12 February 2016 | 2034 Views

Grace Mugabe sympathizers under siege - The Zanu-PF faction linked to ...

by Staff reporter | 12 February 2016 | 1403 Views

Mnangagwa demands Mahoka apology

by Staff reporter | 12 February 2016 | 2307 Views

Grace Mugabe resume rallies amid tension - FIRST Lady Grace Mugabe tod...

by Staff reporter | 12 February 2016 | 1106 Views

Zimbabwe borders verification with neighbours starts - THE government ...

by Mashudu Netsianda | 12 February 2016 | 1447 Views

Entertainment

Ringo to perform at uMlazi Durban on Valentines day

by Staff Reporter | 12 February 2016 | 385 Views

Cont Mhlanga retires as wife takes over

by Bongani Ndlovu | 11 February 2016 | 3220 Views

Trevor Dongo's marriage collapses after 7 months

by Staff Reporter | 09 February 2016 | 6993 Views

1ns and 2s with DJ-Sticha - Business Advice for Aspiring Musicians

by DJ-Sticha | 08 February 2016 | 1567 Views

Double-decker bus blown up in London for 'The Foreigner'

by Staff Reporter | 07 February 2016 | 4742 Views

Every 12 hours a new artist is born into Zim's heavily contested gospel music industry

by Maxwell Teedzai Entertainment in Harare | 07 February 2016 | 2082 Views

Dog eat dog @ #NAMA2016 - THE sturdy list of nominees for the 15th edi...

by Prince Mushawevato | 07 February 2016 | 1423 Views
iBlog

Tb Joshua Worst Enemy Angelique Tonge Exposed

About two years ago, we came out emphatically about those behind the t.b joshua watch. many were those who thought we were framing innocent people up or on a witch hunt. some events have vindicated us and the cat is out of the bag. it is said that no... Read More
pointblank 01 May 2015 ago

Apple Watch Teardown Reveals Unique Hardware And Replaceable Parts

The apple watch may not be fine jewelry, but bill detwiler cracks it open and shows you why he thinks it's a fine piece of tech. the apple watch may be beautiful on the outside, but how about on the inside? in this cracking open installment, we go in... Read More
Sergey 11 June 2015 ago