BBS profit drops on subdued housing market

Restrained household incomes have weakened demand for properties
Restrained household incomes have weakened demand for properties

The Botswana Building Society (BBS) reported a 13% fall in profit during the year ended March 31, 2017 amid a challenging economic environment characterised by subdued housing market and squeezed household incomes.

For the twelve months to March 2017, the society earned a profit of P47.9 million, reflecting a 13% decrease from P54.9 million the previous year.

BBS managing director, Pius Molefe said the decline in profit was exacerbated by the fact that the business has a very limited product range compared to its competitors.

Editor's Comment
Tana project a welcome development

Whilst the project received mixed reactions from members of the public, the project is indeed a welcome development, which needs to be implemented as soon as possible. Many shared their opinion, with those against the project decrying that if implemented, it will kill the already struggling public transport industry.Many countries around the world have state-run public transport, and those who have travelled to such countries will give testimony...

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