Home Agribusiness Zimbabwe: Ariston still in the red after $1.9m loss

Zimbabwe: Ariston still in the red after $1.9m loss

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Zimbabwe’s Ariston Holdings remained in the red after registering a $1,9 million loss in the half year ended March 31 from the comparable period’s $2,1 million.

The company’s chief executive officer, Paul Spear said the harsh economic environment, which continues to impact negatively on disposable income, presented a tough time for the company.

The group recorded revenues of $3,4 million in the six-month period ended March 31, compared to $3,7 million recorded in the comparable period, with the 8% slump in revenue attributed to late commencement of macadamia harvesting.

Spear said stone fruit harvesting has been completed for the season, with volumes improving to 943 tonnes from 776 tonnes achieved during the prior comparative period.

The average pricing was 13% below the comparable period as a result of disappointing export volumes, said Spear.

“Pome fruit harvesting is in progress. So far, the volume is ahead of the prior comparative period with 709 tonnes already harvested compared to 543 tonnes for the comparative period. Pricing has been firm. The increase in yields for both stone fruit and pome fruit is the result of young orchards coming into production. Quality for both products has been good. The small passion fruit orchard continues to produce fruit at acceptable levels. Pricing has, however, been 3% weaker than that of the prior comparative period,” he said.

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