Listed diversified group,
Non-trading income for the period rose to
Group revenue was 1,8 percent lower than the prior period largely due to lower turnover from its retail and agricultural subsidiaries while borrowing increased after the Group secured funding for expansion and refurbishments in the supermarket and hotel business and substantial plantation development
Basic earnings per share rose to 13,56c from 0,75c a year earlier. The group presented unaudited results for the period while audited results were expected to be presented at the end of this month.
Group chairman Mr
"The resolution of the deposit held at the
"The resolution of this matter will influence the audited results, in terms of the composition of the balance sheet and in the disclosure of post balance sheet events," he said.
"All parties to the discussion believe that this timetable is realistic. The resolution will be based on the company being in receipt of Treasury Bills, the terms of which are to be acceptable at face value to the market.
"A number of Treasury Bills have already been given to the Company and efforts are underway to test their marketability in their present form.
"We are pleased with the progress on securing access to our funds and this development is exciting for the entire group.
"The receipts has potential to make a substantial contribution to the Nation, both through the group's own activities and the corporate social responsibility programmes through the
In terms of performance, TM supermarket's turnover fell to
The store portfolio increased from 49 in
"Their impact on turnover and profitability will be felt in the ensuing financial period. Post the end of the financial year, five additional new sites have been secured for development in the 2015 and 2016 financial years, with potential of increasing the trading space by more than 18 percent,"
The Meikles Mega Market stores which started operated in
In terms of
This resulted in the reduction of departmental stores from 12 in 2013 financial year to five during the period under review.
Turnover for the division came in at
The hotel division recorded a 5 percent increase in revenue to
Tanganda tea company revenues fell 6 percent to
"An additional 143ha of coffee, 185 ha of avocados, 164 ha of macadamia and 108 ha of timber were added during the year.
"The company had 268 ha, 375 ha 663 ha and 2373 ha and 1415 ha of coffees, avocados, macadamia, tea and timber plantations respectively as at
Packeted tea production at 2,044 tonnes was almost similar to the 2,093 tonnes produced in the prior year as local demand remained depressed while regional markets particularly
"Subsequently to year end, we have replaced our packaging machines with a state of the art high capacity plant that will allow us to increase production at standard costs, ensuring continuity of supply of a quality product at competitive prices.
"Our Tingamira water production increased by 44 percent compared to the prior year and water sales volumes continue on an upward trend.
In terms of the mining division,
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