LISTED specialty retail distribution group,
This comes after the
To date, most of the available foreign currency has been channelled towards supporting local productivity needs.
Presenting the group's performance for the six months ended
"The introduction of the foreign currency auction system in
"The group is hopeful that this auction system will continue to ensure that payments to foreign suppliers will be met, despite some delays being experienced in receiving the auction money.
"The relatively stable environment has given rise to the anticipated correction of gross margins," he said.
During the period under review, the group reported revenue growth of
Ngwerume attributed the impact of a stable exchange rate to increased positive demand and thus spurring turnover volumes above those traded in the prior period.
Operating profit of
The group's capital expenditure for the period totalled
In the group's segment of TV Sales & Home, turnover was 30 % above prior year, with volumes 40% above the comparative period.
The Distribution Group Africa -
Transerv also remained profitable achieving an operating profit growth of 22% on the comparative period.
"In addition, the country should benefit from the anticipated good agricultural season, following good rains received in most parts of the country. We applaud the relative stability in the economy which has been created by the
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