Be the first to like this
The results for Kingdom Meikles Limited ("KML/the Group") for the year ended 31 December 2009 are presented against continued changes in the transformation of the Zimbabwean economy. Shareholders are well aware of these changes and their implications. In addition to these the Group suffered for most of the year from its inability to function normally due to the specifications of the Company and major shareholders, which resulted in the Group being demoralised and largely dysfunctional from an operating point of view. The impact of both national economic factors and the specific Group factors, have caused volumes and margins to be severely eroded, together with a lack of control over the Group's cost base which has further reduced the Group's ability to compete successfully. All this has resulted in a Group operating loss in 2009 of $9.6 million...