Zimbabwe tyre maker NTS posts FY loss on declining turnover

Zimbabwe tyre maker NTS posts FY loss on declining turnover

HARARE, June 26 (The Source) – National Tyre Services has reported a loss of $175,662 for the full year to March 31 compared to a profit of $322,142 on declining revenues.

Revenues were down nine percent to $14,2 million due to competitive pressure, the company announced on Friday. Overheads were four percent down compared to prior year due to cost containment measures.

“Although the trading environment is expected to remain tough, opportunities have been identified for revenue growth and improved profitability,” the company said in a statement accompanying the financials.

“These initiatives are anchored on existing customer base, a strategic based product, distribution portfolio and new business development. In addition, the cost containment measures are expected to contribute to the company’s return to profitability.”