Breaking News

Meikles revenue up 16% in 9 months

by Business reporter
19 February 2013 | 2649 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

Is Itai Dzamara eyeing the US Green Card?

Yes
20.29%
No
73.97%
Not sure
5.75%
557

Comments

News Updates

Email:

Latest News

Jonathan Moyo attacks 'Mnangagwa successionists' - Information Minist...

by Staff reporter | 28 May 2015 | 1445 Views

ZUNDE Vice President Benjamin Paradza is a fugitive - Former Supreme j...

by Suitable Kajau | 28 May 2015 | 1239 Views

Zimbabwe to restore its breadbasket status - Through the agricultural ...

by Peacemaker Zano | 28 May 2015 | 1246 Views

Watch: Jonathan Moyo appointed gay editors at Zimpapers - ZANU-PF apol...

by Staff reporter | 28 May 2015 | 2513 Views

Bulawayo born scientist lands top AU post - One of the country's top s...

by Staff reporter | 28 May 2015 | 2384 Views

Tsholotsho medic subjected to sexist abuse by Dembare midfielder - TSH...

by Staff reporter | 28 May 2015 | 2417 Views

Mangoma, Biti relationship deteriorates - Listen

by Staff reporter | 28 May 2015 | 1937 Views

SA permits, Zimbabwean immigrants given a lifeline - SOUTH Africa has ...

by Staff reporter | 28 May 2015 | 3723 Views

Ex-judge rubbishes Mugabe, Tsvangirai - Benjamin Paradza former Suprem...

by Staff reporter | 28 May 2015 | 2342 Views

Mugabe age insult lands man in trouble - Reuben Gatsi of Wolf Farm in ...

by Staff reporter | 28 May 2015 | 1664 Views

EU discussed Dzamara's abduction

by Stephen Jakes | 28 May 2015 | 1807 Views

Zanu-PF, MDC-T MPs in looting spree - The shifting political winds in ...

by Staff reporter | 28 May 2015 | 1539 Views

Chigwedere, Matiza in near fistfight - Zanu-PF Mashonaland East inter...

by Staff reporter | 28 May 2015 | 1929 Views

'Jonathan Moyo plotting against Mugabe'

by Staff reporter | 28 May 2015 | 2995 Views

Bulawayo not part of Zimbabwe, says Zanu-PF - Zanu-PF has begged Bula...

by Southern Eye | 28 May 2015 | 2681 Views

Sangoma predicts war in SA

by Stephen Jakes | 28 May 2015 | 2943 Views

Zanu-PF hawks eye $500m NRZ loan - State bureaucrats are rubbing their...

by Staff reporter | 28 May 2015 | 1210 Views

Kombi crushes baby to death - A SEVEN weeks old baby girl was crushed ...

by Mashudu Netsianda | 28 May 2015 | 1687 Views

Man kidnaps son at gunpoint

by Fungai Jachi | 28 May 2015 | 1326 Views

69% of people in Matabeleland North use bush as toilets - Biti

by Stephen Jakes | 28 May 2015 | 1113 Views

Man who posed as housemaid jailed

by Staff reporter | 28 May 2015 | 1141 Views

Unrealistic wage expectations hinder economy - WHILE Zimbabwe continu...

by Staff reporter | 28 May 2015 | 581 Views

Mangoma confirms meeting Tevera's wife

by Felex Share | 28 May 2015 | 1285 Views

NCA is lying, Tsvangirai is not a coward - Social commentators

by Stephen Jakes | 28 May 2015 | 1047 Views

Man 'hangs self over wife's infidelity' - A 41-YEAR-OLD Triangle man a...

by Walter Mswazie | 28 May 2015 | 1200 Views

Entertainment

Ex-Generations actress was once involved in an adulterous affair with ...

by Staff reporter | 26 May 2015 | 6756 Views

ZTV blackout looms - ZIMBABWE will likely miss the June 17 Internation...

by Staff reporter | 25 May 2015 | 4719 Views

Bulawayo snubs Big Nuz - AFTER gathering strength to make the long tr...

by Kusile Madlela | 25 May 2015 | 4477 Views

Winky D face 10 year UK ban for fraud

by Staff Reporter | 24 May 2015 | 6916 Views

Ngibhace ezizweni - Unkown Artist - ...

by Staff Reporter | 23 May 2015 | 4796 Views

Zimbabwe linked Tinashe nominated for a BET award - TINASHE Jorgenson ...

by Staff reporter | 23 May 2015 | 3426 Views
iBlog

Protect Your Greatest Small Business Asset: Time

if your work week is way more than 40 hours, your smartphone is glued to your hand, and your to-do list is multiple pages of overdue tasks—you know how valuable every minute of your time is.your smartphone and tablet make doing business from anyw... Read More
Sergey 05 September 2014 ago

Auslogics Boostspeed 7 - More Powerful And User-friendly Than Ever

Auslogics boostspeed 7 - more powerful and user-friendly than ever!wondering how to fix slow computer performance? experts recommend auslogics boostspeed 7 - the most comprehensive system optimization software! auslogics boostspeed 7 is here!the bran... Read More
ITnews 26 August 2014 ago