by Ulande Nkomesha on 19 Jul 2019by Julia Malunga on 19 Jul 2019by Ulande Nkomesha on 19 Jul 2019by Mirriam Chabala on 19 Jul 2019
- Goal Diggers
by Mirriam Chabala on 18 Jul 2019by Natasha Sakala on 18 Jul 2019by Diggers Correspondent on 18 Jul 2019by Joseph Mwenya in Kabwe on 17 Jul 2019
by Zondiwe Mbewe on 19 Jul 2019by Zondiwe Mbewe on 18 Jul 2019by Zondiwe Mbewe on 18 Jul 2019by Zondiwe Mbewe on 18 Jul 2019
- Editor's Choice
by Diggers Correspondent on 24 May 2019by Diggers Reporter on 4 Mar 2019by Andyford Mayele Banda on 29 Jan 2019by Davies Mwila on 22 Jan 2019
by Diggers Editor on 19 Jul 2019by Diggers Editor on 16 Jul 2019by Diggers Editor on 14 Jul 2019by Diggers Editor on 13 Jul 2019
by Web Master on 27 Jun 2019by Mirriam Chabala on 26 Jun 2019by Martha Mwanza and Felix Kashweka on 21 Jun 2019by Zondiwe Mbewe on 7 Jun 2019
- Guest Diggers
by Dr Chisoni Mumba, PhD on 22 Jun 2019by Chewe Chishala on 22 Jun 2019by Chibamba Kanyama on 11 Jun 2019by Chibamba Kanyama on 28 May 2019
BAT Zambia posts K16.1m lossesBy Stuart Lisulo on 7 Mar 2019
British American Tobacco (BAT) Zambia Plc incurred increased losses of over K16 million after tax during its financial year period ending December 31, 2018, mainly triggered by foreign exchange losses, company data reveals.
And BAT Zambia have complained that the Customs and Excise Act, 2018, posed the company challenges.
In a statement outlining the abridged unaudited financial results for the year ended December 31, 2018, BAT Zambia board chairperson Michael Mundashi revealed that the tobacco giant incurred losses attributed to the company’s shareholders was K16.1 million compared to K14.1 million incurred in the corresponding period in 2017, increasing its losses by around K2 million.
This represents a 14.1 per cent year-on-year decline after the company posted losses before tax of K16.6 million in 2018.
“A loss before taxation of K16.6 million was record during the year 2018 and represents a 50 per cent increase over the loss recorded in 2017 of K11.1 million. The loss before taxation was mainly due to high net finance costs driven by foreign exchange losses suffered on the US $15 million loan that the company contracted in 2017 for the construction of the new factory,” Mundashi stated.
He, however, explained that BAT Zambia remained committed to liquidate the outstanding loan in due course.
“The company is committed to ensuring that this liability is liquidated in the short to medium-term in order to arrest the erosion of shareholder value. To this effect, various interventions have been employed and more are still being explored to manage the foreign exchange risk that this necessary liability carries,” he stated.
On dividends, Mundashi announced that no dividends would be paid owing to the poor results.
“The Directors do not recommend the payment of a final dividend for the year ended 31 December, 2018, in view of the financial results recorded as highlighted. Further, no interim dividend was declared or paid for the year ended 2018,” he stated.
And Mundashi explained that Zambia’s regulatory environment remained challenging on the company’s financial performance.
“The regulatory environment in 2018 did pose some challenges for the business. Specifically, changes to the Customs and Excise Act 2018 threatened the viability of our new state-of-the-art manufacturing plant. The uncertainties created by the changes were addressed and it must be noted that the achievements recorded thus far would not have been possible without appropriate legislative amendments,” stated Mundashi.
About Stuart Lisulo
Stuart Lisulo is an experienced journalist with a focus on business news.
Email: stuart [at] diggers [dot] news
- If we can get fiscal fitness into the economy, we can get IMF deal – Ng’andu - 18 Jul 2019
- Barrick hopeful of 2019 mining fiscal regime resolution - 17 Jul 2019
- ZRA pays KCM over K95m in tax refunds, to pay liquidator’s legal fees - 11 Jul 2019
- Defer Sales Tax to Jan 1, Chamber of Mines urges govt - 8 Jul 2019
- African parliaments need two-thirds majority to arrest reckless debt accumulation – Musokotwane - 8 Jul 2019
- Lungu fires Mawere, transfers Chitotela, Luo
- Registrar explains how Lungu applied to add the name "Chagwa" on NRC
- Independent MPs can't stop Bill with compromised UPND - Chabi
- Nothing wrong with selling KCM to Chinese - Negotiating team
- Don't beat us, tell us where we're going wrong, Minister Kafwaya urges Zambians
- Proposal to take away Parliament’s approval for loan contraction retrogressive – CTPD
- Independent MPs can’t stop Bill with compromised UPND – Chabi
- Lungu’s re-election campaign draining Treasury – Chipimo
- Police quick to arrest Lubinda’s attackers but failing to find Kasongo’s killers – NDC
- We don’t mind Chinese taking KCM, as long as they pay mine suppliers – Association
Subscribe for email alerts
ArchivesAug0 PostsSep0 PostsOct0 PostsNov0 PostsDec0 Posts
- July 2019
- June 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
The News Diggers
Deputy News Editor
Plot No. Lus/9812/649-MC8
off Alex Chola Road
P.O. Box 32147
Telephone or WhatsApp:
diggers [at] diggers [dot] news
editor [at] diggers [dot] news
Send this to a friend