ZPI profit up 35pct in H1

ZPI profit up 35pct in H1

HARARE, September 23 (The Source) – Zimre Property Investments posted a 35 percent increase in profit after tax to $572,000 in the half year to June 2016, driven by a growth in projects income.

Projects income recorded a 75 percent increase to $1,65 million as a result of the availability of new stand stocks at its Zimre Park housing project in Ruwa.

ZPI chair Jean Maguranyanga said “servicing of the project is practically complete. The project is currently selling and to date 10 percent of the project has been sold.”

The total market value of the project is $6 million.

Total group revenue also went up by 13 percent to $2,76 million compared to $2,45 million in the prior year while administrative costs declined 6 percent to $1,34 million.

Rental income was nine percent down to $1,65 million and voids were up to 25 percent from 21 percent.

The company’s assets stood at $54,6 million.