Kumbirai Tarusarira Business Reporter
DAWN Properties’ total revenue in the third quarter to September 2019 improved by 138 percent to $15,2 million from $6,4 million realised in the prior comparable period.
The group said the operating environment during the period under review was difficult to operate in, as it was packed with a number of challenges encompassing shortages of foreign currency shortages of electricity, fuel, and other essential for the business.
Dawn Properties company secretary Formai Myambuki said “it is pleasing to note that all of the Group’s revenue lines were comparatively higher than what was reported last year, both at interim and full year period ended September 30, 2018”.
“During the period under review, the economy continued to be curtailed by inflationary pressures and acute shortages of foreign currency that have resulted in shortages of electricity, fuel, essential drugs and increase in the cost of basic commodities.
“The net effect of this has been evident with the more pronounced erosion of household incomes, savings and purchasing power. Internationally, our major source markets in the West face uncertainty in the face of a chaotic Brexit and a trade war between the USA and China.”
Total operating expenses were up 119 percent to $6,8 million from $3,1 million incurred for the six months ended June 30, 2019 attributable to the obtaining inflationary economic environment.
However, due to the strong income growth between the first half year of 2019 and third quarter 2019, cost-to-income ratio improved to 45 percent compared to 48 percent recorded for the six months ended June 30, 2019.
The Group’s statement of financial position as at September 30, 2019 at $614 million, registered a one percent growth on the June 30, 2019 position of $610 million, and was also 520 percent higher than the $99 million recorded as at December 31, 2018.