Padenga targets 10pc output increase

HARARE - Innscor's crocodile-skin producer Padenga Holdings said it aims to increase production by approximately 10 percent in 2015.

The company, with crocodile farms in Zimbabwe and the United States (US), said it will meet its target to cull 43 000 crocodiles this year.

Its US operation culled 1 833 medium-sized alligators in April 2014.

The local operation currently has 20 059 crocodiles on the ground.

Of these, 15 200 will be culled in October and 4 800 will be carried forward to 2015.

Following weakening demand for crocodile meat in Europe and Asia, Padenga says it will search for viable alternative export markets while expanding the local market.

Despite the depressed market, the group posted a $ 4,1 million profit after tax in the eighteen months to December 2013, up from $ 3,4 million realised in the year to June 2012.

During the 18 month period, revenue increased to $26,9 million from $17,9 million.

Earnings per share decreased to $0,60 from $0,63.

Comments (1)

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