Art narrows HY loss

Art narrows HY loss

HARARE, June 11 (The Source) – Manufacturing concern Amalgamated Regional Trading (Art) has narrowed its after tax loss to $114,000 for the half-year to March from $1,1 million recorded last year on rising cost of sales despite a modest increase in revenue.

Cost of sales advanced to $9,9 million despite a five percent growth in revenue to $14,8 million

The group’s pen-making unit Eversharp posted a profit before tax of $176,000 following the commissioning of an automatic pen assembly and ink filling machines last year.

The batteries division posted a profit before tax of $370,000 buoyed by improved sales of solar batteries as the country battles with an energy deficit.

Going forward, the group plans to automate the manufacturing businesses in the medium term and plans to increase capacity at Eversharp.