HARARE, August 9 (The Source) – African Sun Limited overturned a half year 2016 loss position of $560,000 to a net profit of $190,000 in 2017 largely driven by the growth in revenue and cost management initiatives.
Chairman Herbert Nkala said group revenue went up 17 percent to $21.01 million from $17.99 million same period last year, largely attributed to an 8 percent increase in occupancy.
During the period, occupancy was at 45 percent up from 37 percent in prior year same period.
“Occupancy growth was supported by a stronger performance from all our markets, with local, international and regional rooms sold increasing by 21 percent, 33 percent and 2 percent respectively,” said Nkala in a statement.
Total borrowings fell to $7,3 million in the period from $8,3 million previously.
The company said its outlook for the year is bright given the second half of the year falls in the peak trading season, underpinned by expansion of the Victoria Falls airport which has increased potential arrivals to the destination by 40 percent.
The hotelier did not declare a dividend in the interim.