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TURNSTAR MD: Gulaam Abdoola
Turnstar Holdings, owners of Game City Mall, have cautioned its shareholders to expect a drop in profits for the year ended 31 January 2021.
In a recent trading statement issued to shareholders, the group, which also has properties in Tanzania and Dubai, blames its fall in fortunes on the two Covid-19 enforced lockdowns implemented by government last year.
The first lockdown lasted for a period of six weeks, running from the beginning of April until mid-May. The second was implemented over the first two weeks of August but was confined to the greater Gaborone area.
The group told shareholders there were similar disruptions in both Tanzania and Dubai as well.
It was a black Monday at the Botswana Stock Exchange as companies continue to shed value, reflecting negative sentiments investors might be having as the pandemic drags on, affecting profitability and dividends.
ABSA Bank Botswana led the losses on Monday, dropping 18 thebe off its share price to trade at P4.52. The second biggest commercial bank in the country has lost 9.4 percent of its market value since the year started, making it the second biggest loser on the main domestic board.
Embattled Sechaba Brewery Holdings Limited began this week by losing 10 thebe as investors processed the Friday announcement that profit before tax will be approximately 15 percent (P29.1 million) lower than the P197 million reported for the year ended 31 December 2019. The companyâs share price has tumbled by 12 percent since the year began, fuelled in part by the national alcohol sales ban that ran from January until end of February.
Four-storey high Christmas
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