BBS profit drops on subdued housing market

Tuesday, August 01, 2017

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.

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