Business / Companies
PG Industries 5 months sales rise 21% to $14.3 million
28 Jun 2013 at 07:34hrs | Views
PG Industries gross sales in the five months to 31 May rose by 21% to $14.3 million compared with the prior period, group Chief Executive Mr. Hilary Munyati revealed today.
Addressing the PG Industries AGM today, Munyati said this performance was achieved against the background of general decline of demand levels and the continued existence of tight liquidity conditions in the economy.
He said the Group's net expenses were reduced by 7% compared with the same period last year and the group managed to maintain the high margins achieved as last year. The group is still incurring high interest charges.
PG Building Supplies sales rose by 28% and Mr. Munyati told the AGM that the stocking position in PG Building Supplies has improved although still not at satisfactory levels on the back of innovative supplier arrangements with both local and foreign suppliers.
PG Timber sales declined by 9% due to lack of funding on many construction projects.
"Management made conscious decisions not to supply to projects which are not fully funded," he said.
Zimtile sales increased by 47% while PG Glass Zimbabwe recorded a 34% growth in sales on the back of improved ability to source glass.
Addressing the PG Industries AGM today, Munyati said this performance was achieved against the background of general decline of demand levels and the continued existence of tight liquidity conditions in the economy.
He said the Group's net expenses were reduced by 7% compared with the same period last year and the group managed to maintain the high margins achieved as last year. The group is still incurring high interest charges.
PG Building Supplies sales rose by 28% and Mr. Munyati told the AGM that the stocking position in PG Building Supplies has improved although still not at satisfactory levels on the back of innovative supplier arrangements with both local and foreign suppliers.
PG Timber sales declined by 9% due to lack of funding on many construction projects.
"Management made conscious decisions not to supply to projects which are not fully funded," he said.
Zimtile sales increased by 47% while PG Glass Zimbabwe recorded a 34% growth in sales on the back of improved ability to source glass.
Source - Byo24News
