Zimbabwe Stock Exchange listed company, Mashonaland Holdings Limited revenue for the six months ended 31 March 2018 decreased by 2% to US$2.35 million compared to US$2.39 million recorded from the corresponding period last year.
According the group chairman, Ronald Mutandagayi, the decline was due to the relatively stable occupancy level over the period and also because there were no major rent reviews in the period.
“The marginal decline was due to the relatively stable occupancy level over the period and also because there were no major rent reviews in the period,” said Mutandagayi.
He added that property expenses for the period under review declined by 15% compared to the same period last year.
“Property expenses were at US$0.63 million as compared to US$0.75 million that was recorded in 2017.
“This represented a 15% decline from same period in prior year and the expense to income ratio declined to 26% as compared to 30% recorded last year,” said Mutandagayi.
Mutandagayi added that Voids related costs constituted 44% in this period.
“Voids related costs remain the major item in this spent and constituted 44% in this period.
“Administrative expenses at US$0.7 million were 6% below last year.
“The company posted an operating profit of US$1.1 million as compared to US$1.0 million in the period, a 13% above prior year,” he said.
