Business / Companies
Chiyangwa's company records a sixth consecutive loss since 2009
25 Jul 2015 at 09:35hrs | Views
Phillip Chiyangwa's listed engineering concern, Zeco Holdings (Zeco), has recorded a sixth consecutive loss since 2009 on the back of deteriorating economic conditions, casting doubt on the company's future.
However, Zeco board chairman, Chiyangwa, said the group was introducing various turnaround strategies as evidenced by the reduction in losses from $4,7 million recorded in 2013 to a loss of $2,1 registered in the full year to December 2014.
"Strategies are being implemented to establish and re-establish operations within the region. We have reached advanced stages in negotiations over resuming trade with a National Rail operator in the region," Chiyangwa said.
Chiyangwa also said foreign firms were being given preferential treatment, leading to the poor performance of local companies.
"A major hindrance to revival of the economy is that local capacity is being bypassed in favour of foreign firms hence exporting the much needed jobs and revenue to the fiscus," he said.
The group which has been trading in the red since dollarisation in 2009, says it is crafting strategies to benefit from a government initiative to construct 1 250 000 houses by 2018.
However, Zeco board chairman, Chiyangwa, said the group was introducing various turnaround strategies as evidenced by the reduction in losses from $4,7 million recorded in 2013 to a loss of $2,1 registered in the full year to December 2014.
"Strategies are being implemented to establish and re-establish operations within the region. We have reached advanced stages in negotiations over resuming trade with a National Rail operator in the region," Chiyangwa said.
"A major hindrance to revival of the economy is that local capacity is being bypassed in favour of foreign firms hence exporting the much needed jobs and revenue to the fiscus," he said.
The group which has been trading in the red since dollarisation in 2009, says it is crafting strategies to benefit from a government initiative to construct 1 250 000 houses by 2018.
Source - dailynews
