Zimbabwe: Turnall Seeks to Arrest Earnings Decline

2 October 2017

Buildings and associated industries concern, Turnall Holdings Limited's restructuring of its balance sheet is expected to be completed this year as the group focuses on reversing earnings declines experienced in the half year to June 2017. As at half year, Turnall had net liabilities averaging $12 million, which posed a working capital challenge for the group during the period under review despite efforts to turnaround the situation and enhance production as well as achieve profitability.

Loans and borrowings were $6,8 million, which is 18 percent below the $8,3 million in the comparative period. Turnall acting managing director Mrs Roseline Chisveto said the restructuring would improve the firm's performance in the half year and going forward.

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