Chobe record healthy profits, shares soar

According to a statement accompanying the financial results, Chobe's revenue dropped by 22 percent to P97.3 million on the back of a 34 percent year-on-year reduction in the number of bed nights sold. However, profit for the year went up by 228 percent to P18.2m.

"The group was not required to significantly discount peak season beds in order to maintain occupancies during the economic crisis. Operating profit declined by 55.0 percent to P19.7 million. The company realised a gain of P34,000 from the disposal of its investment in Kalahari Holiday Tour (Pty) Ltd which had not been contributing to the group's profitability for some time.