ZCCM-IH | Director’s Half Year Summary to 30 September 2015

Introduction

In compliance with the requirements of the “Securities Act, Cap 354 of the Laws of Zambia” and the Listing Rules of the Lusaka Stock Exchange, ZCCM Investments Holdings Plc. announces the unaudited results for the six months period ended 30th September 2015.

Financial Performance

The Group achieved a turnover of K208.4 million for the six month period ended 30th September 2015 which was 10% above the turnover of K188.6 million achieved during the six months to 30th September 2014. The increase in Group turnover was mainly as a result of an increase in turnover for Ndola Lime Company by 21% from K96.3 million to K116.5 million for the six months ended 30th September 2015., Dividends earned decreased by 56% to K11.9 million for the period ended 30th September 2015 (September 2014: K27.1 million. However Interest Income increased by 23% to K80 million (September 2014:K65.2 million).

The group recorded exchange gains of K1 316 million (2014: losses K66 million) during the period under review. This was due to the depreciation of the kwacha from K7.6250/$ at the start of April 2015 (April 2014:K6.1555/$) to K12.3815/$ as at the end of September 2015 (September 2014: K6.2705).

Dividends were earned from Kansanshi Mining Plc. (K11.9 million).

Interest earned from placements and fixed deposits amounted to K24.9 million (September 2014: K15.4 million). Other income was K4.8 million (September 2014: K9.9 million).This was mainly composed of Management fees amounting to K4.3 million (September 2014:K3.9 million). The cost of turnover was K156.7 million for the period to 30th September 2015 (September 2014: K129.6 million). The operating profit of K51.7 million was lower than the K59 million achieved during the same period in 2014.

The Group recorded share of losses of Associate Companies of K1 546.7 million (September 2014: Loss: K45.2 million).Overall the performance of the Associate companies was weak during the period. The significant share of losses of Associate companies were recorded from Kansanshi Mining Plc (K871.9 million), Konkola Copper Mine Plc (K546.42 million),Copperbelt Energy (K133.36 million) . The price of copper reduced to US$4,970 per ton as at 30 September 2015 compared to US$6,748 per ton as at 30th September 2014 representing a 26% decrease. As a result, the Group recorded an after tax loss of K696.5 million (September 2014: Loss K55.3 million)…

By Order of the Board

C Chabala
CCSO/Company Secretary
1 December 2015


Download the full Director’s Half Year Summary to 30 September 2015 below:

Director’s Half Year Summary to 30 September 2015

2016-08-19T11:34:06+00:00 June 6th, 2016|Corporate announcements|Comments Off on ZCCM-IH | Director’s Half Year Summary to 30 September 2015