10th Jun 2014 11:28
LONDON (Alliance News) - Masawara PLC Tuesday said its pretax loss widened in 2013 as higher revenues were offset by losses from its associates and other expenses.
The investment company, which acquires assets in companies based in Zimbabwe and southern Africa, said its pretax loss from continuing operations widened to USD9.7 million from USD7.0 million the previous year.
The company said its revenues increased to USD1.8 million from USD1.5 million but it was hit by a USD3.2 million loss from its investment in TA Holdings Ltd and a USD1.2 million loss from its investment in Telerix Communications Ltd.
Masawara also noted that it faced a charge of USD2.0 million due to fair value changes on its investments and its general operating expenses increased to USD4.5 million from USD3.7 million.
The company added that due to losses incurred by Telerix, the investment in the company could be further impaired in the future.
However, the Chairman of the company said he remains confident of the prospects for the company despite its financial performance in 2013 being below expectations.
Masawara shares were untraded at 51.5 pence on Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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