23rd Oct 2014 08:08
LONDON (Alliance News) - Investment company Cambria Africa PLC Thursday announced the sale of the Leopard Rock Hotel for USD2.5 million in cash as it reported a rise in full-year revenue and profit despite a struggling Zimbabwean economy.
Revenue from its Payserv and Millchem investments rose 11% to USD9.4 million in the year to August 31, and gross profit also rose 11% to USD5.1 million. Payserv revenue was USD4.6 million while Millchem revenue was USD4.8 million.
The loss-making Leopard Rock Hotel was sold to African Ventures Ltd and includes USD200,000 in assumed debt. Cambria said will use the sale proceeds for further investments and as working capital and is continuing to review its investments while considering options to raise further funds.
By Ian Edmondson;
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