OK Zimbabwe FY earnings down 91% on weakening revenue

OK_ZIM-PIC

RETAIL giant OK Zimbabwe’s after tax profit for the full year to March 2016 was 91% lower to nearly US$700 000 compared to the same period last year on weakening revenue, the company reported on Tuesday.

Revenue decreased to US$69,6 million from US$72 million while profit before tax was down at US$1,2 million from US$10,6 million in the previous year.

“Persistent economic headwinds hampered business operations throughout the financial year,” OK Zimbabwe chairman David Lake said in a statement accompanying the financials.

“Despite the difficult economic environment, the group will take necessary steps to improve margins without losing market share. Focus will be on further cost reductions to improve profitability.”-Staff Writer