Cresta profits halve as occupancies drop

Cresta says the hospitality sector is under pressure in towns and cities
Cresta says the hospitality sector is under pressure in towns and cities

Hospitality group, Cresta Marakanelo Limited profits halved in the six months to June 2017 as its operations in both Botswana and Zambia were weighed down by low occupancy levels.

During the six months ended June 30, 2017, the group, which provides hotel and related services in Botswana and Zambia recorded an overall profit before tax of P9.1 million for the period, reflecting a 50% drop from the result recorded for the same period last year.

On the other hand, revenue  printed at P153 million representing a four percent decline from P160 million that was recorded for the same period in the prior year.

Editor's Comment
Botswana at a critical juncture

While the political shift brings hope for change, it also places immense pressure on the new administration to deliver on its election promises in the face of serious economic challenges.On another level, newly appointed Finance Minister Ndaba Gaolathe’s grim assessment of the country’s finances adds urgency to the moment. The budget deficit, expected to be P8.7 billion, is now anticipated to be even higher due to underperforming diamond...

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