NTS slips to a $164k HY loss

NTS slips to a $164k HY loss

HARARE, December 18 (The Source) – Listed tyre maker, National Tyre Services reported an after tax loss of $164,000 in the six months to September from a profit position of $32,000 on falling revenues and increasing pressure on margins.

Revenue in the half year period was down 10 percent at $6,7 million while operating costs were flat at $1 million.

Sales contributed $6,5 million to total revenue with services contributing $215,000.

The company said on Friday growth was recorded in sales of budget brands despite an overall decline in units sold.

Going forward, the company plans to extend its product range to include more valuable offerings and implement cost containment measures.

Basic loss per share was 0,06 cents.