Meikles to start renovating Vic Fall Hotel in November

MEIKLES Africa Limited says extensive renovations for the Victoria Falls Hotel will commence in November as the hospitality group prepares for the United Nations World Tourism Organisation Assembly scheduled for August next year.
Zimbabwe we will co-host the event with neighbouring Zambia. 
According to the company's management report published last week, Meikles said the future of its Zimbabwe hotels was positive given the increased tourist activity mostly in the Victoria Falls area.
The group is currently also refurbishing its Meikles Hotel in Harare, with the north wing, which has 135 rooms, having been closed since February 2012.
"Increased traffic will benefit our hotel and the hospitality industry as a whole," the company said.
The group said its turnover for the quarter to June, 30 2012, rose to US$89 million, 15 percent higher that during the same period last year. 
During the period under review, the group's weighted average gross margins decreased from 22 percent to 21 percent largely because of mark downs of slow moving stocks in the stores division.
The group expects its revenue to significantly improve for the full year because of investment in Mentor Africa Limited. Improved returns are expected from the supermarkets and the hotels.
"Group revenues are expected to maintain a steady increase, while margins should continue to improve," said Meikles.
Stores and agricultural operations have been subdued with a similar pattern expected by year end.
"Credit has been slowed down in stores in view of the state of the economy which is characterised by low liquidity, low disposable incomes and hence a growing trend of nonperforming loans. However, on a positive note, we will be shortly launching our Meikles branded range of clothing,"
The group said Tanganda continued to improve aided by an increase in packed tea prices and the thrust remains of maximising the production of packed tea.
Growth in turnover was registered in TM Supermarkets and Tanganda. TM is currently refurbishing its branches. Three of the branches will be branded Pick'nPay by year end.