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.