Ariston slips into the red, posts $800k loss on declining revenue

Ariston slips into the red, posts $800k loss on declining revenue

HARARE, June 29 (The Source) – Agro-industrial concern Ariston Holdings has reported a loss of $820,000 for the full year to March from a profit of $980,000 registered in prior year on declining revenue.

Group revenues dropped eight percent to $8 million on the back of a $600,000 decline in revenue at FAVCO, the company said on Monday.

The company is bullish that investments made in tea processing would ramp up output and exports. It also pins hope on strong demand of macadamia and expectations of a high yield. The poultry business registered modest growth, the company said.

“FAVCO remains a loss making operation. The modification of the business unit is at an advanced stage,” chief executive officer Paul Spear said in a statement accompanying the results.

Early this year accountancy and professional services firm Deloitte and Touche raised the red flag after Ariston’s liabilities outstripped the company’s assets before majority shareholder undertook to boost the group’s balance sheet.