Starafrica Corporation Turnover 47% Up

Zimbabwe Stock Exchange listed company, Starafrica Corporation Limited has recorded a 47% increase in turn over amounting to $48.1 million compared to $32.6 million recorded in the prior year.

According to the group Chairman, Joseph Mutizwa, Earnings Before Interest Tax Depreciation and Armotisation almost doubled the amount achieved during the same period last year.

“The Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) amounted to $3.1 million which almost double the $1.6 million that was achieved last year.

“The operational profitability was neutralised by finance costs of $6.2 million which largely relate to the scheme debt,” he said.

Mutizwa added that group recorded a loss before tax of $3.2 million which is an improvement over the $5.7 million loss suffered in the prior year.

“The interest figure will significantly reduce the ensuring year as major scheme creditors opted to exercise their options to convert amounts owed to them to equity just before the current year end.

“The details of the conversation are more fully described under the Scheme of Arrangements narrative .

“The group recorded a loss before tax of $3.2 million which is an improvement over the $5.7 million loss suffered in the prior year,” said Mutizwa.

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