In the week preceding the independence holidays, Cresta was the biggest gainer on the local bourse rising 18.7 percent to close out at 89 thebe, making a turnaround from the previous week's top loser position on the market.
During the week, Cresta announced its half-year financial results highlighting that the group achieved an increase in revenue of 21.7 percent off the back of the corresponding year, from P99 million to P108.7 million. This was supported by the increase of the average room rates by over 14 percent while the occupancies dipped by one percent. For the period, the group achieved an after tax profit of P3.7 million, compared to the P1.9 million for the comparable period last year. As a result, its earnings per share (EPS) rose from 1.03 thebe to 2 thebe per share. Total operating and administration expenses decreased slightly from P18.7 million to P18.6 million.
In the period, the group's financial position saw its total assets rise to P169 million from P140.5 million as a result of its recent investment in expanding its operations in Zambia and Botswana. "The company outlook is focused on expanding its operations and breaking into new markets which was highlighted through an acquisition of Golf View Hotel in Zambia," said the company in a statement.
