Business / Companies
Chiyangwa's ailing Zeco sinks deeper
04 Nov 2016 at 03:25hrs | Views
There seems to be no light at the end of the tunnel for Phillip Chiyangwa's Zeco Holdings.
Financial results of the engineering group paint a gloomy picture after its loss widened to $884 000 in the half year ended June 30 from $867 000 in the comparable period last year attributed to a decline in revenue.
In the period under review, revenue tumbled to $61 000 from $227 000 recorded in the prior year.
Chiyangwa, who is the group's board chairman, said the turnover "represents three months of trading following a longer annual shutdown". The financial results were released recently, more than a month after the cut-off period.
Listed companies are compelled to release financial results within 90 days after the closure of the financial period.
Since Zeco has a June 30 half-year period, the financial results should have been published on or before September 30.
Financial results of the engineering group paint a gloomy picture after its loss widened to $884 000 in the half year ended June 30 from $867 000 in the comparable period last year attributed to a decline in revenue.
In the period under review, revenue tumbled to $61 000 from $227 000 recorded in the prior year.
Chiyangwa, who is the group's board chairman, said the turnover "represents three months of trading following a longer annual shutdown". The financial results were released recently, more than a month after the cut-off period.
Listed companies are compelled to release financial results within 90 days after the closure of the financial period.
Since Zeco has a June 30 half-year period, the financial results should have been published on or before September 30.
Source - newsday
