Cresta Marakanelo bounces back from losses
Monday, October 03, 2022 | 90 Views |
Mokwena Morulane
The group attributed the improvement to increased occupancies and cost reduction measures implemented, some of which will continue for the long term.
Commenting on the group’s unaudited consolidated financial results for the six months ended June 30, managing director (MD), Mokwena Morulane said tourism and hospitality sectors experienced a surge in the rebound momentum in 2022, and Cresta was no exception.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...