HARARE, November 29 (The Source) – Axia Corporation says net profit for its first quarter as a standalone company is flat on same level as last year while overall group revenue increased 12 percent.
Axia, the logistics, distribution and retail unit was unbundled in May as Innscor Africa sought to focus on its light manufacturing spine. It is made up of household appliances retailer, TV Sales & Home, Transerv and Distribution Africa Group.
Chief executive John Koumides told shareholders at Axia’s first Annual General Meeting that despite a difficult operating environment characterized by liquidity challenges, the group is optimistic of continued growth.
During the quarter, which spans from July to September 30, Axia’s performance was mixed with solid growth in turnover at TV Sales and Home as well as the Distribution Group Africa (DGA), Koumides said.
At TV Sales and Home, turnover was 30 percent up on prior year same period while DGA recorded a 17 percent increase in topline over same quarter last year.
Transerv performance in the quarter was depressed, with revenue 10 percent down.
Koumides said headline earnings in the quarter were up five percent. He added that the group has a strong balance sheet that will enable it to pursue other growth avenues.
Axia reported a net profit of $2,3 million for the three months to June 30, its first set of financial results since unbundling from Innscor.