Meikles Limited chairman Fayaz King said the company got beat up during six months of weak consumer spending and sky-high operational expenses, but their spread across different business sectors is setting them up for a comeback by year's end. The hospitality wing basically carried the whole operation after tourism revenue nearly doubled in inflation-adjusted figures, and Forbes' naming Zimbabwe the top global destination for visits gave the board enough confidence to cancel their earlier plan to dump hotel assets.
TM Pick n Pay supermarkets pulled in about 188 million dollars, but still posted a loss because gross margins shrank while operating costs ballooned from tight monetary policy, killing demand. The property segment finished refurbishing its main Bulawayo building with tenants already moving in, and management thinks festive season shopping will juice sales numbers before the fiscal year wraps. The group skipped dividend payments to hang onto cash while the economy stays rough.
TM Pick n Pay supermarkets pulled in about 188 million dollars, but still posted a loss because gross margins shrank while operating costs ballooned from tight monetary policy, killing demand. The property segment finished refurbishing its main Bulawayo building with tenants already moving in, and management thinks festive season shopping will juice sales numbers before the fiscal year wraps. The group skipped dividend payments to hang onto cash while the economy stays rough.
