VENTURES AFRICA – Botswana Stock Exchange listed hotel group, Cresta Marakanelo Limited has seen its revenue for the first six months decline by 26 percent. A situation it blames on stiff competition faced by its Zambian operations.
“Zambia’s depressed revenue were largely due to the emergence of competition in the Lusaka area and reduced NGO business,” said Cresta Marakanelo Limited in a statement.
Cresta Marakanelo Limited operates Golfview Hotel in neighbouring Zambia as well as other hospitality brands across Southern Africa.
The hospitality group saw its profits after tax fall to P5.1 million ($563,040) in the half year period ended June, 2014, from P7.4 million ($816,960) recorded in the previous year.
Cresta Marakanelo also said its home operations experienced a slow start to the year while the second quarter came strong and gained grounds
TA Botswana, a member of Zimbabwe TA Holdings Group, owns 40 percent of the share capital in Cresta Marakanelo and the remainder is owned by the Botswana Development Corporation.
By George Mpofu