Lafarge’s revenue for Q1 down 15%

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 Cement producer, Lafarge’s revenue was down 15% as at March 2017 compared to the same period last year. The decline was mainly due to the incessant rains season that weighed down demand for their product. Lafarge, chief executive officer, Amil Tantawi however said the cement producer’s revenues have been on the rebound since April with demand expected to increase in the second quarter. Incessant rains experienced during the first quarter of this year according to Tantawi stalled various projects resulting in low turnover. Lafarge, according to Tantawi was operating within budget, with the cement producer is expected to pursue a robust growth strategy. – Financial Express (Online)

Government will release Treasury Bills (TBs) worth about $600 million to clear debts owed to Zesa Holdings by local authorities and State enterprises . Zesa Holdings through its subsidiary, Zimbabwe Electricity Transmission and Distribution Company has been battling to recover over $1 billion in unpaid power bills.The release of more TBs comes amid concern that Government continues to add to its stock of debt which could have far-reaching implications to the economy. To date, over $4 billion TBs have been issued for various reasons. Energy and Power Development Permanent Secretary Partson Mbiriri said that an agreement had been reached with Treasury which will see it settling debts owed to the state power utility. Last year Zesa approached the High Court suing at least 200 local authorities, State enterprises and private companies. On the list of debtors were at least 40 State and local authorities. – The Herald, 6 June 2017

Transport and Infrastructural Development Minister Dr Joram Gumbo has said pre-commencement works on the $1 billion Beitbridge-Harare Highway dualisation project have begun while actual construction of the road is expected to start within a month. There are reports that the company contracted to dualise the highway, Geiger International of Austria, has agreed terms with a local financial institution for the handling of its funds. The Austrian company was contracted by Government to carry out the project under a 25-year build-operate-transfer (BOT) model at a cost of $998 million. Dr Gumbo, said the contractor was busy with pre-commencement works following a ground-breaking ceremony for the project by President Mugabe two weeks ago. – The Herald, 6 June 2017

Government has put major poultry producer, Irvine’s Private Limited’s white meat and egg sub-sector under quarantine following an outbreak of avian influenza that left thousands of birds dead. The highly pathogenic virus killed 7 000 birds and the company had to depopulate by slaughtering an additional 140 000 birds to prevent the spread of the disease. Avian influenza is fatal in affected birds with nearly a 70% death rate. The current outbreak at Irvine’s does not seem to affect people. In a statement yesterday, Ministry of Agriculture, Mechanisation and Irrigation Development’s Department of Livestock and Veterinary Services Principal Director, Unesu Ushewokunze-Obatolu, confirmed the outbreak. She said government had placed affected units of the compartment under quarantine and movement standstill. – The Herald, 6 June 2017

Farmers have collectively earned $416 mln from the sale of over 144 mln kilogrammes of flue cured tobacco so far this marketing season. Over 200 mln kilogrammes of the golden leaf are expected this season. The sales have increased by 13% from the 127 mln kilogrammes worth $370 mln sold during the corresponding period last year.  – The Herald, 6 June 2017

By |June 6th, 2017|Categories: Headlines|

About the Author:

Kudzanai’s background in financial journalism with ZFN, combined with a continuing education in financial management, provide a solid grounding for his work in the research department.

One Comment

  1. Oswell June 6, 2017 at 12:31 pm

    You are a doing a great job Kudzi. Keep it high up there!

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