Categories: Business Commodities

ZCCM investments decline in profit.

ZCCM investments holdings has recorded a decline in profit of K462 million in 2019 from a profit of K843 million reported in 2018.
According to the latest financial performance obtained by Money FM today, the increase in net finance income from a net finance cost of K132.49 million recorded in 2018 to a net finance income of K63.55 million recorded in 2019.
The investment company recorded an increase in share of profit from equity accounted investee companies from K689 million recorded in 2018 to K973 million recorded in 2019.
The profit margins have been attributed to improved performance of Kansanshi Mining and Maamba Collieries Limited whose combined share of profit accounted for 84% of the recorded amount for the year.
The Financial statement adds that despite the Group reporting a profit for the year of ZMW462 million, there was a decline of 45% compared to last year mainly due to recorded losses from Ndola Lime Company Limited, and Investrust Bank amounting K246 million.
The Company reported a loss for the year of K168 million mainly due to reduction in other income, impairment losses and fair value loss amounting to K360 million, K270 million and K336 million respectively.

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