Choppies profits halve on expansion costs

Thursday, September 22, 2016

Budget retailer, Choppies Enterprises saw its Profit After Tax (PAT) for the year ended June 30, 2016 almost halve from the prior year as a difficult economic climate in Zimbabwe and South African mining towns slowed revenue growth while start up costs in Kenya and Zambia pushed up expenses.

The local retail giant recorded a 48% decline in PAT to P104.9 million for the financial results for the year ended in June this year compared to P197.2 million recorded in the prior year.

Choppies CEO, Ramachandran Ottapathu attributed the loss to the group’s operating margins, which were negatively impacted by the costs of establishing new geographical locations, opening new stores and distribution centres.

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