Brainworks interim results June 2018
Revenue for the interim period increased to USD31 million (2017: USD24.2 million), gross profit grew to USD21.4 million (2017: USD16.5 million) and operating profit before finance cost turned around to USD9.8 million (2017: loss of USD3.5 million). Profit attributable to owners of the parent recovered to USD5.7 million (2017: loss of USD5.3 million). In addition, headline loss per share narrowed to USD0.63 cents per share (2017: loss of USD7.01 cents per share).
No dividend was declared during the interim period.
The second half of the year presents the GroupÆs peak trading season. The Group expects conferencing and international market business to bolster performance, particularly in our Victoria Falls properties, where inward foreign arrivals have been on the increase. We anticipate that the New Victoria Falls Airport will continue to be a conduit for increased foreign arrivals into the destination. Various infrastructure projects across the country, including Robert Gabriel Mugabe International Airport upgrade, Beitbridge to Chirundu road rehabilitation and Beitbridge border post development present opportunities which the Group is set to benefit from. The real estate segment is expected to complete its maiden residential development project and sales thereof are expected to contribute to Group revenue growth for the year.
The Group will strive to achieve further debt reduction in the second half of the year.