CAVMONT reports K41.6m loss
According to NANCY MWAPE, Lusaka.
CAVMONT Capital Holdings Zambia Plc has made a loss of K41.6 million for the financial year ending June 2018 due to increased operational expenses and impairment charges.
An impairment charge is a term used for the writing off of worthless goodwill. Last year, the group posted a profit of K379, 000. (K0.3 million)
According to the sponsoring broker, Stockbroker Zambia, operational expenses increased by 30 percent to K139.4 million in 2018 from K107. 3 million registered last year.
“The group also invested substantially in training and upskilling of existing staff. This was necessary as part of capacity building that the group is embarking on to support its growth ambitions,” reads the statement
CAVMONT Capital Holdings Zambia Plc has made a loss of K41.6 million for the financial year ending June 2018 due to increased operational expenses and impairment charges.
An impairment charge is a term used for the writing off of worthless goodwill. Last year, the group posted a profit of K379, 000. (K0.3 million)
According to the sponsoring broker, Stockbroker Zambia, operational expenses increased by 30 percent to K139.4 million in 2018 from K107. 3 million registered last year.
“The group also invested substantially in training and upskilling of existing staff. This was necessary as part of capacity building that the group is embarking on to support its growth ambitions,” reads the statement