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Turnall Holdings  yesterday revealed  it suffered an 82 percent dip in net profit to $28.1 million  for the half-year ended June 2020 owing to the outbreak of the Covid-19 pandemic.

In the comparable period last year, the Zimbabwe Stock Exchange listed  firm posted an after tax profit of $153.1 million.

In the period under review, revenue was down to $203 million from $291 million in the comparable period as both local sales and exports  slumped.

“The company volumes for the first quarter were 45 percent above the  same period last year, but the second quarter volumes were 37 percent  below the same period last year owing to the Covid-19 lockdown  restrictions,” chairman Mr Bothwell Nyajeka said.

Exports were down three percent, with no outside sales having been  made in the second half of the year due to the supply chain  disruptions and limited international logistics movement.

Turnall Holdings, a construction materials manufacturer, exports some  of its products such as tiles, pavers and pipes to countries in the  region, including South Africa.

The company opted not to declare a dividend in view of the need to  generate working capital.

Earnings per share were down to 5.74 cents from 31.14 cents in line  with the drop in profitability.

Nyajeka said in the second half of the year, the Covid-19 pandemic,  combined with the hyper inflationary environment would continue to  impact on sales, which however, recovered in July and August. — New Ziana.