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Recently delisted Astra Industries is currently trailing behind ‘aggressive forecasts’ but slightly better than the comparable year ago period.

Managing director Mac Mazimbe told last week’s annual general meeting that turnover was 24 percent below plan but flat on last year mainly because NCP Distillers was not in production due to the ethanol shortages at Green Fuel.

Mr Mazimbe said the company (NCPD) had not been operational in the last four months as supplies of the raw material ethanol were disrupted during the year as the fuel blending sector was given priority by Government.

“The ethanol we get from Triangle was diverted to fuel blending after Green Fuel production was disrupted during the rain season.”

In terms of the units, Paints turnover is 20 percent below plan but 12 percent up on last year, Chemicals 15 percent below budget but 11 percent up on last year as the key market – the manufacturing sector continues to face major challenges.

“There is generally low demand for products while at the same time there is currently no project of any note.”

Operating profit is 58 percent down on the group’s plans showing the impact of NCPD non production and the general low demand and tight liquidity situations prevalent in the economy. Mr Mazimbe said the group continues to be strict on debtors and stocks.

Mr Mazimbe said it was also the same trend with regards volumes.

Paints is 33 percent down on plan but 8 percent up on last year, Chemicals 20 percent against budget while flat on last year. Overall volumes are down 25 percent.

Overall: “We are optimistic that there would be a slight recovery as we claw back some lost opportunities”

He said the distillery was now back in operations after supplies from Chisumbanje improved and Triangle is not under pressure. “And this should help us as far as the numbers are concerned.

Mr Mazimbe said the group would focus on marketing issues and has a number of initiatives in the pipeline.

“There are also good signs as far as exports are concerned while the presence of new shareholder Kansai has changed the playing field with high end products.

At the AGM, directors fees were approved at $58 034 and auditors fees at $101 280 while long serving director Herbert Nkala resigned from the board. – Wires.