Phillip Chiyangwa owned company, ZECO Holdings Limited has generated revenues of US$0.082 million for the year ended June 2017 compared to $0.060 million in the prior year.
According to Chiyangwa who is the group Chairperson, the challenging economic environment which has crippled the industrial sector resulting in major projects being undertaken during the period under review impacted negatively on the company operations.
“In spite of stringent cost containment, revenue could not cover operating costs resulting in a negative bottom line of US$0,579 million compared to the US$0,743 million loss recorded in 2016.
“The Group’s asset base stood at US$40.102 million.
“The group’s flagship subsidiary based in Bulawayo which relies on infrastructure projects was not spared in its core business activities.
“Due to challenging economic environment, no major projects were undertaken during the period under review,” said Chiyangwa.
He added that Crittall Hope which is in the construction materials sector recorded encouraging results compared to the prior year with the re-organisation of the business gradually bearing fruit.
“Crittall Hope is in the construction materials sector, the subsidiary’s performance was encouraging with results being better compared to prior year and re-organisation of the business is gradually bearing fruit.
“The process of remodeling of the subsidiary’s business continues under challenging environment.
“Despite the challenging environment, the group will continue to innovate and maximize on any opportunity which avails itself. We will continue to explore prospects of linkages with foreign players,” said Chiyangwa.
ZECO Holdings, through its subsidiaries, builds rail wagons and locomotives for utilities in Zambia, Tanzania, Mozambique, Ethiopia, and Kenya.
It also manufactures roller shutters, lift up garage doors, steel windows and door frames, burglar bars, and filling cabinets, as well as agricultural implements.
