HARARE, October 9 (The Source) – Border Timbers narrowed its loss after tax by 89 percent from $24,3 million to $2,6 million in the full year to June buoyed by a cut in costs.
Revenue was down 27 percent from $20,4 million to $14,9 million. Selling and distribution expenses declined by 62 percent from $6,7 million to $2,6 million.
Judicial Manager Peter Bailey said the company will approach the High Court to seek permission to hold Scheme of Arrangement meetings with its creditors.
The company was placed under final judicial management in March 2016 after failing to service debts to several financial institutions worth $20 million.
“If the proposals being put to each class of creditor are approved by all classes with the appropriate majorities, I will recommend to the Master of the High Court that the company be taken out of the Judicial Management as it is operating successfully with excellent management,” he said.
Lumber production and sales volume was down 25 percent while treated poles production volume also decreased by 26 percent from 26,905 square meters to 19,951 square meters.
The company lost 1,816 hectares of forest to fire. Fire loss declined from $10,5 million reported last year to $6,3 million.
Finance costs increased to $1,4 million from $1,1 million previously.
Total assets declined from $122,4 million to $116,5 million.