TSL FY profit down 16 pct to $4,1mln

TSL FY profit down 16 pct to $4,1mln

HARARE, January 29 (The Source) - Agro-Industrial concern TSL reported a 16 percent decline in profit after tax to $4, 1 million in the full year to September on poor performance of its tobacco-focused business.

TSL is the parent company of Tobacco Sales Floor (TSF) and it also has interests in other agriculture businesses as well as logistics and property.

In a statement accompanying financial results on Friday, the company said its agriculture related businesses were adversely impacted by the weather patterns while the logistics and real estate clusters fared well.

“Strong performance registered in our logistics and real estate clusters and new initiatives in the agro trading businesses mitigated the decline in revenues and operating profit in the tobacco related businesses,” said the company.

“The steady performance by the Group in 2015 is, in large measure, attributable to the diversity of its operations.”

Total group revenues during the period were flat at $48, 6 million.

Operating profit before fair value adjustments was down eight percent on last year to $ 6, 8 million.

It declared a dividend of $0, 33 cents.

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