Zimre posts trillions in profit

ZIMRE Property Investments Ltd (ZPI) this week released its maiden results post listing in which it recorded a profit after tax of $100,7 trillion for the interim period ending December 31 2007.


The group’s total assets grew 205 000% to $101, 7 trillion, while investment property portfolio grew 190 000% to $93,2 trillion.
Unrealised investment income was $7,1 trillion while realised investment income stood at $1,1 trillion.
No dividend was declared as the board felt the company needed to conserve cash in light of the aggressive growth strategy being pursued. Total revenues came in at $60 billion while operating income was $13 billion.
Investment income was $1,1 trillion while fair value adjustments gains were $99,6 trillion to give a profit before tax of $100,66 trillion.
Attributable profit was $70, 3 trillon to give a basic earnings per share of $64 954.
The company is currently involved in a number of construction projects with completion nearing at its Parklands project with 146 stands in Bulawayo.
Other projects include Pabasa Industrial Park in Bluffhill and Rhodene in Masvingo. — Staff Writer.