By BUUMBA CHIMBULUTHE balance sheet for Zambian Breweries remains liquid with a positive cash position of K185.8 million despite a significant fall in profit before tax, says company Secretary, Deborah Bwalya.Profit before tax for the company fell significantly to K15.489 million as at June 2020 from K192.953 million the previous year.Ms Bwalya said in the Interim Results for the six months period ended June 30, 2020 posted on Lusaka Securities Exchange (LuSE) that profit before tax fell significantly relative to prior year into a loss position.She attributed the loss to significant unrealised foreign exchange loss that the business recognised following a revaluation of all outstanding group debt.“This was in response to the massive devaluation of the Kwacha in the first quarter of 2020 to reflect the correct value of this debt position.“Further pressure on profit before tax was due to an increase in cost of production driven by the weak exchange rate, which was reflected […]
ZAMBIAN BREWERIES STILL LIQUID
