Castel Malawi Exchange Losses Affect PCL Profits
Press Corporation CEO George Patridge
Exchange losses amounting to K6.36 billion incurred by Castel Brewery Malawi Limited has affected profit margins for conglomerate Press Corporation plc which has posted an after tax profit of K19.9 billion, 13% lower than prior year.
In a financial statement for the year ending 31
st December 2020 signed by Press Corporation plc Board Chairman Randson Mwadiwa and PCL Group Chief Executive Officer George Partridge, the conglomerate said granted the very difficult operating environment, the Group registered respectable results with profit before tax for the period at MK38.22 billion (2019: MK40.31 billion) was 5% lower than prior year.
Castel Malawi Exchange Losses Affect PCL Profits
Press Corporation CEO George Patridge
Exchange losses amounting to K6.36 billion incurred by Castel Brewery Malawi Limited has affected profit margins for conglomerate Press Corporation plc which has posted an after tax profit of K19.9 billion, 13% lower than prior year.
In a financial statement for the year ending 31
st December 2020 signed by Press Corporation plc Board Chairman Randson Mwadiwa and PCL Group Chief Executive Officer George Partridge, the conglomerate said granted the very difficult operating environment, the Group registered respectable results with profit before tax for the period at MK38.22 billion (2019: MK40.31 billion) was 5% lower than prior year.
Exchange losses amounting to K6.36 billion incurred by Castel Brewery Malawi Limited has affected profit margins for conglomerate Press Corporation plc which has posted an after tax profit of K19.9 billion, 13% lower than prior year.
In a financial statement for the year ending 31st December 2020 signed by Press Corporation plc Board Chairman Randson Mwadiwa and PCL Group Chief Executive Officer George Partridge, the conglomerate said granted the very difficult operating environment, the Group registered respectable results with profit before tax for the period at MK38.22 billion (2019: MK40.31 billion) was 5% lower than prior year.
PCL Group CEO says will exit the beverages business
Disgruntled employees at Electricity Supply Cooperation of Malawi (ESCOM) are on an industrial strike across the country to force authorities to harmonize their salaries with their colleagues at Electricity Generation Company (EGENCO) and Malawi Energy Regulatory Authority (MERA).
Chitosi: Escom effects
The workers have vowed not to go back to their work until the company addresses their concerns.
Employees whom Nyasa Times randomly talked to in Kasungu District said they initially lodged their concerns with the authorities asking them to respond to our concerns by the end of April, 2020 but received no feedback.
While confirming the development, ESCOM public relations officer, Innocent Chitosi said the company will address the matter by the end of Wednesday (May 5) and expect that the workers will be back to their respective works same day.
As Lilongwe Resident Magistrate court continues hearing the fraud and money laundering case of K107 Million at Malawi Energy Regulatory Authority (Mera), the accused which include former CEO Collins Magalasi and 3 others are back in court this morning.
During the previous appearance one of the accused, business lady Dorothy Shonga Nkhoma popularly known as Cash Madam asked the court to give her three to four weeks to engage another lawyer arguing she does not want to be represented by her former counsel anymore.
Shonga has since identified a new lawyer to represent her in the case following the leaving of her previous lawyer, Gift Nankhuni.