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Phillip Chiyangwa’s engineering group, ‘Zeco’ sinks deeper into turmoilThere seems to be no light at the end of the tunnel for Phillip Chiyangwa’s Zeco Holdings.
Financial results of the engineering group paint a gloomy picture after its loss widened to $884 000 in the half year ended June 30 from $867 000 in the comparable period last year attributed to a decline in revenue.
In the period under review, revenue tumbled to $61 000 from $227 000 recorded in the prior year.
Chiyangwa, who is the group’s board chairman, said the turnover “represents three months of trading following a longer annual shutdown”. The financial results were released recently, more than a month after the cut-off period.
Listed companies are compelled to release financial results within 90 days after the closure of the financial period.
Since Zeco has a June 30 half-year period, the financial results should have been published on or before September 30. source-newsday