Zimre Property narrows FY loss to $1,4mln

Zimre Property narrows FY loss to $1,4mln

HARARE, March 23 (The Source) – Zimre Property lowered its after tax loss by 53 percent to $1,4 million in the full-year to  December from $3 million in the prior period.

“A negative fair value adjustment on investment property of $2,81 million was recorded at 31 December 2016, resulting in an after tax loss of $1.45 million,” said board chairman Jean Maguranyanga in a statement on Thursday.

Revenue stood at $5,5 million from $5,4 million in 2015.

Rental income was down 12 percent to $3,14 million from $3,57 million while projects income was 37 percent up to $$2,27 million driven by new stand stocks.

Administrative costs dipped by 10 percent to $2,77 million from $3,09 million in 2015.

Going forward, the company will start a project of 128 residential stands along Harare Bulawayo road.

“The subdivision permit has been issued and project preparatory works are in progress. The expected cost of the project is $650,000 and estimated value on completion is $1,6 million,” added Maguranyanga.

The company is also targeting to develop student accommodation in Bulawayo and retail shops in Victoria Falls.

Total assets marginally dropped three percent to $52,6 million.