Update: Growth in cold chain business drives turnaround
During H115, Zambeef has made significant progress in improving the profitability of its core cold chain food distribution businesses. Gross profits from the beef, chicken, pork, milk, eggs and fish operations rose by 29% year on year to $21.3m (48% in kwacha terms), resulting in the group generating $0.1m profit before tax (adjusted for unrealised forex) compared with a $3.2m loss in H114. Following the disposal of the non-core Zamanita business which completed earlier this month, we reinstate our estimates and see fair value at 17-30p.Zamanco Minerals Limited is an Australia-based company, which continues to seek a transaction of merit capable of becoming the primary undertaking of the Company. The Company focuses on identifying and evaluating a business opportunity. It has undertaken evaluation of a range of prospects in various industries.
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