Gaborone — Turnstar Holdings has released a disappointing set of results for the half year period ending July 31, 2009.

The company's turnover increased by 5.8 percent to P40.2 million from P38 million. However net profit was stagnant at P26.2 million compared to P26.0 million the company made at the same period last year.

This was due to a 7.9 percent increase in operating expenses. The balance sheet is also stagnant, with assets increasing maginally by 0.5 percent. Even though the company has no long term debts, its deffered taxation continued to grow to P41 million representing 8.5 percent of the balance sheet. An interim dividend of P0.07 (comprising a dividend of BWP 0.01 and debenture interest of BWP0.06) was declared, payable to shareholders registered in the books of the company at the close of the day on November 20, 2009. The company is currently engaged in the development of Game City Phase Two, which is expected to be completed by mid-2010.

The developers of the project said the construction of the project that commenced recently will see Gaborone's prime shopping mall bring more multinational stores to the foot of Kgale Hill.

The mall's 104 stores currently employ approximately 650 people, excluding outsourced staff such as security and cleaners. However, the construction of Phase II will employ another 300 people and an additional 200 after completion. The 7, 000-square metre single-storey building, which will follow the Phase I Game City concept and design, will see some shops in the Phase I move to what will be the front of the new grand structure, creating an internal walk pavement between Phase I and the new extension.