HARARE,– National Tyre Services narrowed its loss after tax by 75 percent to $153,900 in the full year to March 31 on the back of cost saving measures.
Revenue dropped 8,8 percent to $11,9 million from $13 million in the previous year.
“”The sales mix was dominated by budget brands whose margins are lower than premium brands. The cost containment programme commenced in prior year yielded results as the loss for the year declined by 75 percent compared to the prior period,” company chairman James Moyo said in a statement on Friday.
The company is banking on premium brands, direct sourcing and a wider distribution network to improve financial performance.
During the year the company increased its distribution footprint, opening new branches in Kwekwe and Zvishavane. It also entered into a distribution partnership with OK Mart stores.
“The restoration of normal relations with two of our major foreign suppliers will go a long way in galvanising both the retreading and new tyre sales business units,” added Moyo.
Total assets declined 14 percent to $7,7 million.
The company did not declare a dividend. – Source