Zambia operations pulls down Cresta profits
Tuesday, September 09, 2014
In the period, revenues from Cresta’s Gold View Hotel in Zambia dropped by 26 percent to P9.3 million scaling down the group’s profits by 31 percent to P5.1 million for the half-year ended 30 June 2014.
Commenting on the published financial results, Cresta managing director, Tawanda Makaya said Zambia experienced a decline in business due to more hotels coming up in Lusaka therefore making competition very stiff. Business was also affected by the relocation of Non-Governmental Organisation’s (NGO’s) from Lusaka.
The fees have been doubled from the previous amounts and raise concerns about political participation accessibility and democratic representation principles.This significant fee increase prompts questions regarding its impact on grassroots democracy.On one hand, the fees act as a filter, ensuring only serious contenders enter the race, potentially reducing frivolous candidacies and generating crucial campaign funds. The BDP argues that aspiring...