WARNING: This is Version 1 of my old archive, so Photos will NOT work and many links will NOT work. But you can find articles by searching on the Titles. There is a lot of information in this archive. Use the SEARCH BAR at the top right. Prior to December 2012; I was a pro-Christian type of Conservative. I was unaware of the mass of Jewish lies in history, especially the lies regarding WW2 and Hitler. So in here you will find pro-Jewish and pro-Israel material. I was definitely WRONG about the Boeremag and Janusz Walus. They were for real.
Original Post Date: 2010-09-15 Time: 17:00:01 Posted By: News Poster
Harare – Listed construction giant, Murray and Roberts (Zimbabwe) Limited has sold one of its two Malawi subsidiaries while the disposal of the remaining operation awaits approval from the Reserve Bank of Zimbabwe.
The group’s Malawi operations, Caridorn and Promat (Malawi) have consistently registered depressed margins. For the half-year ended June 30, 2010, Caridorn’s trading was depressed with overheads increasing, which further constrained its operations. During the same period, volumes at Promat stagnated at 1 048 tonnes due to foreign currency shortages.
In addition to the recorded low trade volumes, the group’s regional operations were adversely affected by inflated labour costs. Said Murray and Roberts chairman Mr Paddy Zhanda: “Caridorn abrasives was sold in May this year as a going concern to a management-led consortium at a loss of US$30 434.
Trading volumes at Promat (Malawi) decreased by 18 percent from prior year. An agreement was reached on May 31 to dispose of Promat and an anticipated loss on disposal of US$270 987 has been recorded.
“While the Reserve Bank of Malawi has approved the transaction, approval from the Reserve Bank of Zimbabwe is still pending,” he said. Low business activity and the resultant discontinuation of some of the group’s operations had a dampening effect on Murray and Roberts’ performance for the year ended June 30 2010.
Murray and Roberts’ continuing businesses contributed 87 percent of total revenue, while the discontinued businesses recorded revenue of US$2,7 million and a loss after tax of US$452 160 in the period under review. The disposal of Murray and Roberts’ Malawi businesses will see the group focusing attention on the local market.
The group recorded revenue of US$20,8 million, and a loss after tax of US$718 129. Its manufacturing operations recorded revenue of US$11,9 million and a profit after tax of US$2,4 million, as capacity utilisation for the operation enhanced to around 45 percent. Construction recorded revenue of US$6 million and a loss after tax of US$2 million.
Meanwhile, Murray and Roberts has indicated that an amount of US$1,6 million had been provided for on the debt that arose on the New British Embassy contract.
The company is in the process of pursuing the recovery of the debt through legal processes by its lawyers in London.
The group expressed an optimistic outlook for the upcoming year in view of the improving macro-economic fundamentals as well an anticipated growth in trading volumes:
“The modest growth in the economy achieved over the last 16 months will hopefully form a platform for sustainable growth going into the future. Mining, agriculture and infrastructure rebuild programmes will still play a significant role in the recovery of the economy.
“Various infrastructure opportunities in our project pipeline are close to being finalised and the synergies that exist between the operating divisions in the group will help to maximise the benefit to be derived. The order book of Murray and Roberts Construction Zimbabwe has improved significantly subsequent to June 2010,” said the company.
Original Source: 
Published by the government of Zimbabwe
Original date published: 15 September 2010
Source: http://allafrica.com/stories/201009150313.html?viewall=1