PGI GROUP Plc said although its first-half pretax profit before adjustments for biological assets and Zimbabwe hyperinflation, rose 14 percent to 2.12 million pounds, operating conditions in Zimbabwe have deteriorated further, as the wider economy collapses.
The group said the deteriorating economic condition has reduced pretax profit for the six months to June to 2.29 million pounds from 2.88 million in the year before.
The company said its revenue from continuing operations in the period rose to around 12.81 million pounds from 10.79 million in the year before.
With inflation now running into millions of percent, it is impossible to recruit enough labour, and the estate is operating at half the productive levels, the company said.
PGI Group is listed on the Main List of the London Stock Exchange, according to their website. It has two business streams, a property management division operating in Russia and a food group operating in Southern Africa.
“The food group operates in Malawi, Zambia and Zimbabwe. The major products are tea, cut roses, fresh premium vegetables and nuts. Most of the produce is exported to Europe. Group Headquarters are in London, UK,” according to the website.
It is one of the many groups that have resisted calls by the British government and the European Union to stop doing business with the government of President Mugabe.
Our reporter/Thomson Financial News
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