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Press Corporation Limited (PCL) rake K17 billion after-tax profit in 2013

BLANTYRE (MaraPost)--Press Corporation Limited (PCL), Malawi’s biggest state-owned conglomerate, has issued financial statement announcing a consolidated profit after tax of K17.3 billion, representing an increase of 83 percent growth on prior year.

In 2012, the company registered a post-tax profit of K9.5 billion.

 PCL says in its financial statement for year ended 31st December 2013 that its performance was driven by increased capacity utilisation following improvements in the operating environment.

According to the statement, the Financial Services segment delivered excellent results and registered a 67 percent growth in its earnings; the fuel distribution business doubled its earnings while the Bottling and Brewing business registered a 186 percent growth in its revenues.

The telecommunications segment reported a profit from a loss of K3.6 billion in 2012, says the statement, adding that the performance was largely due to the strong results delivered by the mobile phone business whose earnings grew by 276 percent.

“Loses were incurred in the fishing and the fixed-mobile voice telephony businesses. The investment in Pond Culture to supplement the declining fish catches from the lake is continuing.

 

“Plans are in place to increase the number of ponds to create critical mass for the business. Likewise, the restructuring of the balance sheet of the fixed-mobile voice telephony business is already paying off,” reads the statement in part.

PCL has since declared the total dividend for 2013 to K1,081.40 million, representing K9.00 per share, but “a final resolution to approve the final dividend will be tabled at the forthcoming annual general meeting.”

PCL is a public listed company incorporated in Malawi. Being the largest holding company in Malawi, it has interests in different sectors of the Malawi economy.-MARAPOST.

 

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