Radar Holdings FY loss flat at $288k, revenue down 17pct

Radar Holdings FY loss flat at $288k, revenue down 17pct

HARARE, September 25 (The Source) – Radar Holdings reported a 17 percent decline in revenue to $6 million for the full year to June on depressed sales.

The holding company, whose subsidiaries include Macdonald Bricks, blamed the subdued economic environment for low construction expenditure in both public and private sectors which it says resulted in an 11 percent decrease in sales volume.

Operating profit fell to $124,000 from $ 1,3 million the previous year. Impairments for sale investments and receivables totalled $179,000.

It reduced borrowings by nine percent to $5,9 million the bulk of which are short-term in nature with the board seeking to reduce.

Net finance costs marginally declined from $1 million the previous year to $971,000.

The group incurred an after tax loss of $288,000, same as last year.

Net cash from operations increased to $1,8 million from $1,3 million last  year.