Zambia operations pulls down Cresta profits

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.