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Business Reporter
Zimbabwe Stock Exchange-listed transport company, Pioneer Corporation Africa recorded a 78,45 percent increase in revenue to $9,7 million for the half-year ended June 30, 2014 as trading results of Unifreight Limited started reflecting on its balance sheet. The improvement in revenue, however, failed to lift the company into profitability although the company’s operating loss improved from $1,526 million last year to $510 000 during the year under review.

The ex-Unifreight divisions achieved an operating profit of $654 418 during the period under review while existing Pioneer group companies recorded a marked improvement compared to the same period last year.

Pioneer’s chairman Mr Patrick Chingoka while noting the improved performance over the first six months of the year compared to the same period last year, however, indicated that the operating environment was still difficult.

“Pioneer Transport continues to face very real challenges due to liquidity, border delays and depressed rates in the market.
“Despite this, the directors are satisfied that there has been a significant turnaround in the group’s performance over the past six months,” he said.
Mr Chingoka expressed optimism that the group’s performance will improve further during the second half of the year, which is traditionally a stronger period for the group’s business.

On changing the group’s name from Pioneer to Unifreight, which was approved at a recent extraordinary general meeting, Mr Chingoka said this will be effected once all regulatory processes have been finalised.