HARARE, October 5 (The Source) – Pharmaceutical products distributor Medtech losses grew to $305,000 in the six months to June 2016 from $90,000 in the prior year due to subdued demand.
Revenue fell 32 percent to $4,4 million driven by increased competition from unregistered operators and smuggled products, the company said on Wednesday.
Selling and distribution and administration costs decreased by $544,000 due to costs cutting measures, inclusive of salary and benefits cuts.
“Further reduction in staff numbers is currently under way and savings in salaries benefits and other related costs will be noticed in H2 2016 and H1 2017,” said group’s chairman Rose Mazula in a statement.
Medtech distribution and smart retail sales were 44 percent down due to suspension of trading at Smart Retail in February 2016.
Accounts receivable were at $3,5 million from $3,1 million.
Total assets stood at $7,3 million.
The company did not declare dividend due to loss.