Turnall slips to $4mln FY loss

Turnall slips to $4mln FY loss

HARARE, May 2 (The Source) – Turnall Holdings on Tuesday reported a loss of $4 million in the full-year to December 2016 from a profit of $106,938 in the prior year, due to low consumer demand.

Sales volumes declined by 39 percent to 36,791 tonnes from 60,451 tonnes the previous year, while export sales contribution dropped to 0,52 percent from 1,82 percent the prior year.

Turnover during the period dropped by 41 percent to $16,99 million from $29 million in 2015.

The group recorded an operating loss of $5,12 million from a profit of $1,5 million while retrenchment costs for the year were $480,000.

Finance costs declined to $1,15 million from $1,45 million during the comparative year. However the group is negotiating with banks to reduce interest charges and increase loan tenures to further reduce finance costs.