REIZ Managing Director: Robin P.S. Miller
The Directors are pleased to present the Interim Results for the period ending 30th June 2014. The Board reports that the Group’s financial performance has been positively affected by the revocation of Statutory Instrument No. 33 – The Bank of Zambia(Currency) Regulation Number 33 of 2012. With the repayment of a large part of the Group’s foreign exchange debt in 2013 the charge for interest expense has been substantially reduced from K7m in 2013 to K3.8m in 2014. The Kwacha has depreciated during the first half of the year from K5.5185 at 31st December 2013 to K6.256 as at 30th June 2013, but seems to have settled at the K6 - $1 range in the last months. The results therefore show a year on year Profit before exchange losses of K7.25m against K7.80m in 2013...
HY 2014 financial results