GB narrows H1 loss to $254k, revenue up 24pct

 GB narrows H1 loss to $254k, revenue up 24pct

HARARE, September 29 (The Source) – General Beltings Holdings narrowed its net loss for the six months to June by nearly a third to $254,230 from $360,380 in the prior comparable period chiefly due to lower operating expenses.

Revenue increased by 24 percent to $2 million from $1,6 million previously.

Cash generated from operations declined from $190,404 in the prior comparable period to $59,178.

Operating expenses fell by 6 percent from $844,390 previously to $795,307. Gross profit increased by 14 percent to $535,000 from $469,000 reported in the same period last year.

Finance costs was up by 11 percent to $81,328 from $73,276 due to improved market penetration, he added.

Total assets declined from $9,9 million to $9,3 million.

The company current liabilities exceeded current assets at $10 million compared to $9,1 million.

The group did not declare a dividend.