9 Sep 2020
Turnall Holdings yesterday revealed it suffered an 82 percent dip in net profit to $28.1 million for the half-year ended June 2020 owing to the outbreak of the Covid-19 pandemic.
In the comparable period last year, the Zimbabwe Stock Exchange listed firm posted an after tax profit of $153.1 million.
In the period under review, revenue was down to $203 million from $291 million in the comparable period as both local sales and exports slumped.
“The company volumes for the first quarter were 45 percent above the same period last year, but the second quarter volumes were 37 percent below the same period last year owing to the Covid-19 lockdown restrictions,” chairman Mr Bothwell Nyajeka said. – The Herald
Content retrieved from: https://www.herald.co.zw/turnalls-profit-suffers-steep-decline-on-pandemic/.