ZCCM-IH records turnover decline
Published On December 31, 2014 » 1607 Views» By Davies M.M Chanda » Business, Stories
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By MAIMBOLWA MULIKELELA –
ZCCM Investment Holdings (ZCCM-IH) has recorded a turnover of K188.6 million for the six month period ending September 2014 which is seven per cent below K203.7 million achieved during the same period in 2013.
The decline in the group’s turnover was attributed to a decrease in dividends earned from K45.2 million during the same period in 2013 to K27.1 million in the six month ended September 2014.
ZCCM-IH company secretary Chabby Chabala said the turnover for Ndola Lime Company Limited decreased by 19 per cent to K96.1 million for the period ended September 2014 compared to K118.4 million recorded the previous year.
However, interest income increased by 63 per cent to K65.2 million from K40 million registered in September 2013.
According to the company’s half-yearly summary for the period ended September 30, this year, Mr Chabala said dividends were earned from Kansanshi Mine amounting to K22.6 million and K4.5 million from Chibuluma Mine.
Interest earned from treasury placements and fixed deposits amounted to K15.4 million compared to K1.2 million in September 2013.
Other income earned was K9.9 million while in September 2013, K3 million was earned comprising mainly of management fees amounting to K3.9 million.
Mr Chabala said the cost of turnover was K129.6 million for the period to September 2014 compared to K130 million in 2013.
The Group realised an operating profit of K59 million which was lower than K73.7 million earned in the same period in 2013. The Group recorded share of losses of Associate Companies of K45.2 million compared to the profit earned of K97.5 million in September 2013.
He noted that the overall performance of the Associate Companies was weak over the period.
Konkola Copper Mines Plc and Lubambe Copper Mine Limited recorded losses, while Kansanshi Mining Plc recorded a profit during the period under review.
The price of copper reduced to US$6,748 per tonne as at September 30, 2014 compared to US$7,300 per tonnes as at September 30, 2013 representing an 8 per cent decrease.
The Group recorded an operating loss of K49 million compared to the profit of K165 million recorded in September 2013.
The Group’s Shareholders’ Funds increased to K8, 567 million from K4, 759 million in 2013 mainly on account of the recapitalization by way of conversion of the K1.9 billion debts into equity by the Government.

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