Zimbabwe Stock Exchange listed company ZECO Holdings Limited has reported a loss of US$2.133.797 for the year ended December 2017.
In 2016, ZECO recorded a US$1.308.592 loss.
According to the group financial results, the company recorded positive cash flows in the current year.
“As at that date the company recorded positive cash flows of US$461 in the current year.
The company recorded negative working capital of US$4,187,898 in the current year.
“Whilst management have put in place measures to preserve cash and secure additional finance, these circumstances create material uncertainties over future operating results and cash flows,” reads the statement.
According to the group Chairman, Philip Chiyangwa,the group generated a revenue of US$0.513 million.
“The subdued financial results reflect the challenging environment that was prevailing during the period under review .
“The Group generated revenues of US$0.513 million compared to US$0.369 million in the prior year.
“Revenue could not cover operating costs containment measures resulting in a negative bottom line of US$2.133 million compared to the US$1.641 loss recorded in 2016,” he said.
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, door frames, burglar bars, and filling cabinets, as well as agricultural implements. Zeco Holdings was formerly known as RESCO.
