Zimbabwe Stock Exchange-listed, diversified group TSL Limiteds (TSL) unaudited profit for the six months ended April 30 2012 grew to $2,3 million from $1,3 million buoyed by strong performance of logistics operations.
Earnings per share rose to 0,7 cents from 0,4 cents.
Bak Logistics recorded 57% growth in sales on the back of a more active distribution market and growth in storage capacity.
The streamlining of group operations into five distinct unitsLogistics Operations, Paper and Packaging, Tobacco operations, agro inputs, properties and group services the company says created greater efficiency for effective management.
The decision taken earlier to reorganise the group has now started yielding results with attributable earnings rising by 52% to $2 million, read a statement accompanying the financials.
The group paper and packaging unit, Hunyani operations according to the statement continued to be weighed down by frequent power outages and liquidity constraints.
Hunyanis performance was negatively impacted by power cuts and sales were lower largely as a consequence of current liquidity challenges.
Turnover for the period under review was up 6% while contribution to group profits was 49% above the same period last year . . . The group is currently working with its partners to ensure the long-term viability of Hunyani, the statement said.
- Chamisa under fire over US$120K donation
- Mavhunga puts DeMbare into Chibuku quarterfinals
- Pension funds bet on Cabora Bassa oilfields
- Councils defy govt fire tender directive
Keep Reading
Meanwhile, efforts to dispose of TS Timbers loss-making operations are progressing well and we expect the transaction to be completed by the end of the second half.
TSL reported that tobacco operations at TSL remained buoyant although the unit lost market share to new players. This year, the countrys auction floors increased to four from three that were operating last year.
The introduction of the TSF Growers Scheme is expected to bolster the performance of the groups tobacco operations in the 2013 financial year, the company projected.
Propak achieved strong profit results reflecting the efforts made to streamline the business for efficiency. Efforts to rebuild marketshare are expected to further improve the companys trading performance in 2013.
