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Financial Review
The financial performance during the 12 months under review was substantially better than in the previous year. Revenue increased by 18.1%, from US$28.6m to US$33m. Gross margins improved marginally from 30.4% to 30.8%, resulting in growth of gross income of 19.6%, from US$8.7m to US$10.4m. However, this growth came at a cost.

All the improvements listed above had the effect of increasing operating expenses by 15.7%, from US$8.0m to US$9.2m. Profit from operations rose almost 40%, from US$1.16m to US$1.62m, while finance costs rose by 16.2%. This left us with a pre-tax profit of US$975 000, which is 62% up on the previous year. The increased profit resulted in a substantial increase in taxation. The net was a 40.1% increase in profit for the year, from US$466 000 to US$653 000.

FY 2014 financial results

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