Medtech revenue drops 26pct

Medtech revenue drops 26pct

HARARE, March 30 (The Source) – MedTech Holdings on Thursday reported a 26 percent drop in revenue to $9,8 million in the full year to December 2016 from $13,2 million the prior year as demand continues to fall.

MedTech is a holding company with interests in manufacturing, marketing and distribution of health, hygiene, beauty and pharmaceutical products.

The company recorded a loss before tax of $275,486 compared to a profit before tax of $476,914 in 2015.

Operating loss declined from $378,825 the prior year to $216,778 in 2016 while loss from continuing operations was $232,476  from a profit of $231,368.

The group’s net financing costs worsened to $58,708 from a net finance income of $855,739.

Medtech assets stood at $1,1 million from $526,306 in 2015.

“The trading environment and macro economic situation remains uncertain and is not expected to improve in the year 2017. Therefore, focus will continue to be placed on maintaining sales and strict cost control,” said chairperson, Rose Mazula.