Maravi

(NEWZIMBABWE) OK sees strong earnings growth

OK sees strong earnings growth
23/11/2011 00:00:00
by Reuters

RETAIL group OK Zimbabwe reported a 1,167 percent jump in first-half earnings, spurred by growing demand as the country's economy continued to recover from a decade-long slump.

OK Zimbabwe's basic earnings per share was 0.38 cents in the six months to end-September, compared to 0.03 cents in the same period last year, financial results released by the company on Wednesday showed.

After-tax profit was $3.9 million in the first half of the year, up from $322,000 registered during the same period of 2010. Revenue grew 61 percent to $185.6 million from $115 million previously.

Zimbabwe's retail sector is one of the fastest growing in an economy that is recovering under a coalition government formed two years ago by President Robert Mugabe and his rival Prime Minister Morgan Tsvangirai.

The economy is expected to grow for the third successive year this year, expanding by 9.3 percent, while inflation has come down to single-digits from a peak of 500 billion percent in December 2008, according to IMF figures

Labels: OK ZIMBABWE, RETAIL

posted by MrK @ 6:54 AM