Lafarge Zimbabwe revenue rises

Lafarge Zimbabwe revenue rises
Published: 18 March 2011

Zimbabwean group Lafarge Cement reported flat full-year earnings as a tax expense offset strong revenue growth, and said it expected further sales growth as the economy recovers.

"Profit attributable to shareholders remained largely the same ... despite increased sales revenues, due to a tax expense incurred for the year, as opposed to a tax credit in 2009," chairman Muchadeyi Masunda said on Thursday.

The company said basic 2010 earnings per share were flat at 0.03 cents. The company was hit by a US$1.05m tax expense which lowered profit to US$2.68m from US$2.69m in 2009.

Revenue rose 47 per cent to US$41.7m, boosted by a 55 per cent rise in domestic sales. Masunda said local demand for cement would remain strong, anchored by growth in mining and construction.