For the financial year ended 31st December 2014, Chambishi generated total revenues of K1, 883 million (US$289.5 million) (2013: K1,594.1 million (U$D286 million)) compared to the budgeted figure of K2,042.4 million (US$314 million). The net loss for the year was K63.7 million (US$9.8 million) (2013: K53.7 million (US$9.7 million) loss).
During the financial year ended 31st December 2014, Chambishi Metals Plc (Chambishi) faced problems with equipment breakdowns and pending VAT Refunds of US$74.8 million from ZRA. The pending VAT refund impacted on the company’s cash flows resulting in liquidity problems. Chambishi has since engaged a Consultant to attend to the equipment breakdowns.
On the other hand, the Copper Plant that was completed towards the end of 2012 had started to pay off and the company was able to generate positive earnings before depreciation and finance costs.
There were no dividends declared during the financial year ended 31st March 2015 (2014: Nil).