6th Oct 2008 17:30
ZCCM Investments Holdings Plc
Incorporated in the Republic of Zambia
ZCCM INVESTMENTS HOLDINGS Plc
And its subsidiaries
DIRECTORS' HALF YEARLY SUMMARY
For the period ended 30th June 2008
In compliance with the requirements of the "Securities Act, Cap 354 of the Laws of Zambia" and the listing rules of the Lusaka Stock Exchange, ZCCM Investments Holdings PLC announces the unaudited results for the half year ended 30 June 2008.
The Group achieved a turnover of K84,100 million during the six month period ended
30 June 2008 which was a 16% decrease compared to K100,143 million for the six months to
30 June 2007.
This reduction was mainly as a result of the decrease in dividends received of K12, 594 million (K18, 707 million for the six months to June 2007) and a decrease in metal price participation income of K8, 973 million (K18, 695 million for the six month period to 30 June 2007). The decrease in dividends is largely as a result of a change in dividend policy in one of our Associate Companies. The reduction in price participation was due to the delay of the Annual General Meeting in one of our Associate Companies, leading to the delay in declaring the price participation income.
There was an increase in cost of turnover to K83,535 million for the period to 30 June 2008 from
K66, 458 million for the corresponding period to June 2007 which was attributable to the increase in oil prices and has impacted negatively on the Group's operating expenditure for the six month period to June 2008.
Due to the reduction in turnover coupled with the increase in cost of turnover, the operating profit has significantly decreased from K33, 685 million for the period to June 2007 to K565 million for the period to June 2008.
There was unrealized exchange gain of K130,838 million (unrealized exchange gain of
K108, 711 million for the corresponding period to June 2007) as a result of translation movements on foreign denominated liabilities and has resulted in the group recording a net profit after tax of K111, 954 million against a profit of K126, 081 million for the period to 30 June 2007.
By Order of the Board
C Chabala
Acting Company Secretary
Lusaka,
2 October 2008
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ZCCM INVESTMENTS HOLDINGS PLC |
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GROUP PROFIT/( LOSS) ACCOUNT AS AT 30 JUNE 2008 |
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SIX MONTHS ENDED |
SIX MONTHS ENDED |
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30 JUNE 2008 |
30 June 2007 |
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Consolidated |
Consolidated |
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K' million |
K' million |
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Turnover |
84,100 |
100,143 |
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Cost of turnover |
(83,535) |
(66,458) |
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Operating profit |
565 |
33,685 |
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Exchange (loss)/gain |
130,838 |
108,711 |
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Environmental expenses |
(11,541) |
(8,625) |
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Interest charge |
(6,786) |
(1,911) |
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Royalty on minerals |
(1,243) |
(1,189) |
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Other Income |
2,092 |
1,478 |
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Profit before taxation |
113,926 |
132,149 |
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Income tax |
(1,972) |
(6,068) |
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Retained profit |
111,954 |
126,081 |
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Related Shares:
Zccm Inv.hds.b