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DAWN properties Limited has recorded $774 000 profit before tax in the first six months to September 2011 whilst turnover for the period went up 25 percent ahead of prior period to $3, 3 million.
Total operating costs increased by 14 percent mainly driven by the agro business unit which grew substantially compared to the same period last year.
Turnover in the agro segment of $664 00 was higher than that from last year and the unit managed a break even position compared to a loss of $67 000 in the comparative period.
Rental income from the hotel property portfolio of $1, 2 million was 15 percent higher than that of last year, representing an annualised yield of 3, 4 percent which falls far short of the companies 10 percent carrying value target.
“The enhancement of income streams is receiving the board’s active attention and is commented above,” Chimuriwo said.
“Operating expenses at $684 were 9 percent lower than last year. Consequently, profit before tax of $556 000 was 63 percent higher than the prior period (and) the balance of the financial year is expected to maintain a similar trend.”
The company recorded $1, 4 million turnover in the property services segment. A profit before tax of $221 000 was achieved after management instituted cost cutting measures.
Going forward, the group seeks to channel profits towards property development initiative so that the underlying worth of the property reflects on earnings.
Dawn owns Harare’s Crown Plaza Hotel, Masvingo’s Great Zimbabwe Hotel as well as Elephant Hills Hotel in Victoria Falls amongst other hotel properties in areas like Nyanga, Beitbridge, Mutare and Hwange.
Total operating costs increased by 14 percent mainly driven by the agro business unit which grew substantially compared to the same period last year.
Turnover in the agro segment of $664 00 was higher than that from last year and the unit managed a break even position compared to a loss of $67 000 in the comparative period.
Rental income from the hotel property portfolio of $1, 2 million was 15 percent higher than that of last year, representing an annualised yield of 3, 4 percent which falls far short of the companies 10 percent carrying value target.
“The enhancement of income streams is receiving the board’s active attention and is commented above,” Chimuriwo said.
“Operating expenses at $684 were 9 percent lower than last year. Consequently, profit before tax of $556 000 was 63 percent higher than the prior period (and) the balance of the financial year is expected to maintain a similar trend.”
The company recorded $1, 4 million turnover in the property services segment. A profit before tax of $221 000 was achieved after management instituted cost cutting measures.
Going forward, the group seeks to channel profits towards property development initiative so that the underlying worth of the property reflects on earnings.
Dawn owns Harare’s Crown Plaza Hotel, Masvingo’s Great Zimbabwe Hotel as well as Elephant Hills Hotel in Victoria Falls amongst other hotel properties in areas like Nyanga, Beitbridge, Mutare and Hwange.
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