ART turnover grew 15% to $11, 5 million in the first quarter to January 31 on the back of improved performances by most of its units excerpt Eversharp.
Group chief executive officer Richard Zirobwa said the first four months of the year had been positive as most operations remained profitable. Eversharp was weighed down by machinery breakdown.
“The liquidity crunch is affecting business and the demand in the market, but the group is looking at a positive performance,” Zirobwa said.
“The decline in Eversharp volumes was as a result of significant downtime due to maintenance shutdown.”
The group recorded improved margins of 33% compared to 28% during the same period last year as a result of improvements at the Kadoma factory.
Zirobwa said operating profit was higher than last year with 84% of the profit having been channelled towards interest payment. Going forward, Zirobwa said: “We are seeing stability in ART.”
He said plans were underway to automate operations at Eversharp and Softex.
The group plans to spend $450 000 and $250 on the automation of Softex and Eversharp respectively.
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Art operates Kadoma Paper Mills, Fleximail, Battery Express, Softex, Eversharp and Chloride.
