From : Castresearch.com

10 June 2012

“He said the group’s agricultural division suffered a $2, 9 million loss in revenue on bad weather conditions and $2,3 million losses to profit.”

Meikles Limited (Meikles) says it has concluded lease agreement for a Lusaka based hotel.

“The hotel will be part of a mixed-use retail scheme being developed close to the airport by one of Africa’s leading real estate companies,” chairman John Moxon said in a statement.

“This project t is expected to be the first of similar hotel projects in appropriate regional destinations,” he added.

He however said renovation work at its flagship Meikles Hotel and Victoria Falls Hotel we on-going.

The company announced a $3,4 million loss for the full year to March down from $5 million prior year.

He said the group’s agricultural division suffered a $2, 9 million loss in revenue on bad weather conditions and $2,3 million losses to profit.

“Regrettably, the group’s agricultural division suffered from a severe frost last winter and an unusual adverse weather pattern in the summer,” said the Meikles chairman.

Finance costs, which the group say had significant impact on overall group performance, stood at $4,3 million and $4,2 million in the first and second half respectively.

The group’s Tanganda subsidiary is focusing on improving tea yields and quality.

Moxon said a major plantation development program expected to be completed by 2014 is still in progress and on conclusion Tanganda will have planted 450 hectares (ha) of avocado, 300 ha of coffee and 700 ha of macadamia.

“There is evidence that there is growing demand for tea in the world and management and Tanganda’s tea prospects remain promising.”