CAMBRIA Africa Plc, a subsidiary of Celsys ,posted a loss of $1,4 million for the year ended August 31, 2012 and is still waiting for the secondary listing of its parent company on the Zimbabwe Stock Exchange to return to profitability.
Report by Victoria Mtomba Business Reporter
Celsys recorded a 65% increase in revenue of $1,8 million from 1,1 million from the prior year with Celsys Print accounting for 85% of the revenue, while Celsys technical services contributing the remainder.
Gross profit for the company stood at $571 000 due to increased efficiencies in production and turnaround times experienced as a result of the capital expenditures.
The company’s chairman, Paul Turner, in a statement said the listing of Cambria Africa has been delayed after the local bourse requested that both Cambria Africa and Celsys release and publish financial results for the year ended August 31, 2012.
“The future potential of the company is dependent upon the continued support by shareholders and in the successful listing of Cambria Africa Plc on the Zimbabwe Stock Exchange,”
Turner said the company was operating under constrained conditions as the economy recovered, but said inroad had been made with the greater portion of the market share having been retained.
Celsys Limited was suspended from trading from the local bourse in August, until the proposed listing of Cambria on the bourse.
