Lafarge Zimbabwe reports half-year loss

The local Zimbabwe unit of LafargeHolcim reported an after tax loss of ZMD1.39m for the half year to June from a loss of ZWD1.32m in the prior comparable period, on weak demand as the country’s construction industry remains subdued.

Lafarge Zimbabwe said volumes of cement sales were down seven per cent during the first half of the year, resulting in a decline in revenue to ZMD25.4m from ZMD28.2m. Operating loss widened to ZMD1.8m from ZMD1.7m incurred in 2014.

“The construction industry remained largely subdued due to lack of major national and large commercial infrastructure projects. However, low scale projects and independent home development projects continued although at a lower momentum than the prior year,” said acting chair Muchadeyi Masunda  in a statement.