ASL incurs loss

HARARE - Listed hotelier African Sun Limited (ASL) incurred an $813 995 loss in the half year to March 2014 compared to a $1,23 million profit incurred in prior comparable period.

Of the total loss, the group’s Zimbabwe operation recorded a $231 978 while its Ghana units incurred $582 008.

During the period under review, the group’s total revenue stood at $25,3 million, down from $26,4 million, with Zimbabwe contributing the greater chunk of $25 million.

Earnings before interest, tax, depreciation and amortisation declined to $2,2 million from $3,5 million.

The group’s basic loss per share stood at 0,09 cents, diluted basic loss per share was at 0,09 cents, the headline loss per share was 0,10 cents while the diluted loss per share recorded was 0,10 cents.

Total group liabilities increased to $39,9 million from $35,6 million.

The Zimbabwe Stock Exchange said: “Performance for the hospitality company was poor across the board with revenue coming down. Cost of sales, however, went up despite the decline in revenues. Operating expenses went up to $16,8 million from $16,6 million.”

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