ZIMBABWEAN based engineering company ZECO Holdings recorded an increase in revenue to US$2,8 million in the third quarter from US$0.8 million in the second quarter, Business Mail can report.
The company has been operating under COVID-19 lock down restrictions following health and safety measures recommended by World Health Organisation (WHO).
In a statement by the company secretary, Mr. Jedidiah Wamuyaya Mwinjilo said the revenue has shown a positive improvement to prior year.
“During the period under review, comparable period mainly driven by inflation. The revenue for the prior third quarter was ZWL0.8 million (Inflation adjusted-ZWL$7.08million) compared to the current quarter of ZWL2.8million (Inflation adjusted – ZWL$2.95million),” Mwinjilo said.
“The performance of the group largely dependent on the economic environment which affects cost of production and operating costs. The inflationary operating environment persisted into the third quarter and is still likely to continue to drive up the cost of production and thereby eroding profitability,” he said.
“Even under challenging operating circumstances, we believe the business will continue to thrive based on our dedicated staff and unrelenting desire to continuously improve,” Mwinjilo said.
Kundai Mudzviti – Business Mail