17 April 2018

Zimbabwe: Zeco Remains in the Red

Listed engineering firm, Zeco Holdings, said it losses widened to $2,1 million in the full year to December 2017 from $1,3 million in 2016.

In the period under review, the group generated revenues of $0,513 million compared to $0,369 million in the prior year.

"Revenue could not cover operating costs in spite of cost containment measures, resulting in a negative bottom line of $2,133 million compared to the $1,3 million loss recorded in 2016," group chairman Phillip Chiyangwa said on Monday.

Zeco's asset base stood at $39, 433 million by the end of December last year.

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