LISTED cables manufacturer
The firm is, however, concerned about the exchange rate volatility, which it says is posing challenges on several businesses across sectors. As of the end of the week, the US dollar was trading at
"Exchange rate volatility is a cause for concern, but the upside of which is increased economic activity as consumers invest to hedge their savings.
"We are therefore forecasting an increase in volume in the second half of the year over the first half," said Cafca in an update for the half year to
During the half year period, volumes increased by a marginal 2 percent to 1 199 tonnes over the prior year comparable period, which recorded 1 175 tonnes.
According to the group, volumes performance was adversely affected by delays in getting regulatory approval to extend their barter deal with the
"We are confident that we will pick up the volume shortfall against budget in the second six months of the year," said Cafca.
In terms of financial performance, revenue for the half year under review jumped 44 percent to
Operating profit came in 61 percent above the same period in prior year to settle at
Pretax profit reflected a 169 percent increase to
Profit for the period more than tripled to
During the period, borrowings increased by 242 percent to
Total assets increased 33 percent to
The group did not declare an interim dividend but will be considering a final dividend to shareholders at the year end.
Copyright The Herald. Distributed by AllAfrica Global Media (allAfrica.com)., source