By JAMES KUNDA? –
PUMA Energy Zambia Plc has recorded an increase in profits amounting to K6, 498 in the financial year ended June 30, 2014, highlighting growth by seven per cent.
In the interim results for the first half of 2014, Puma Energy company secretary Alliel Mwanza said the profit resulted from higher sales at constant margins following the general increase in fuel prices effective April 18, 2014.
“A profit from ordinary activities before exchange gains, interest and taxation of K 54,991 was achieved for the half-year ended 30 June 2014 compared to K 48,493 for the previous corresponding period, while the pre-tax profits were K50, 629 and K52, 705, respectively.
“The company recorded an increase in revenue of 7 per cent during the half year ended 30 June 2014 compared to the corresponding previous period,” Mr Mwanza said.
Mr Mwanza, however, said sales volumes achieved in the year under review were six per cent lower than those for the same period last year as a result of downturns with key business-to-business and mining customers and the closure of some retail sites for maintenance and rehabilitation.
“Aviation was, however, on an upswing in volumes although margins were significantly eroded due to the depreciation of the Kwacha against major convertible currencies as all the Jet A-1 fuel sold in the period was imported,” he said.