Brainworks Limited (JSE:BWZ) reported an uptick in occupancy at its hotels in Zimbabwe, boosted by lower room rates and a pick up in international visitor numbers after an upgrade to the airport at Victoria Falls.
The hospitality-to-finance conglomerate has all of its businesses in Zimbabwe and overall reported a 23% rise in revenues to US$24.3mln in the six months to June.
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Hotel occupancy increased to 45% from 37% with revenue per available room or RevPAR, the industry benchmark, rising by 14% to US$40.
Losses, though, rose to US$4.87mln from US$2.2mln due to US$3.3mln of one-off and other expenses as the company spent heavily ahead of its listing on the Johannesburg Stock Exchange (JSE) earlier this month.
Brainworks added will seek a secondary listing on the Zimbabwe Stock Exchange by the end of next year to follow associate Getbucks, which listed on that exchange in January last year.
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Traditionally, the group makes as loss in the period as the tourist season occurs in the second half and said the outlook was promising especially at the Victoria Falls-based hotels where foreign arrivals are rising following the improvements to the International Airport.
A maiden residential project of 58 units will also start to be sold.