By Chimpele Kelvin Tsamwa Many Africans don’t have a bank account. However, for more than a decade, they’ve been moving from a cash to a digital economy thanks to the proliferation of cheap mobile phones. This has enabled them to participate in the financial market through mobile payment solutions. And as elaborated earlier, the coronavirus (Covid-19) […]
Castel Malawi Exchange Losses Affect PCL Profits
Press Corporation CEO George Patridge
Exchange losses amounting to K6.36 billion incurred by Castel Brewery Malawi Limited has affected profit margins for conglomerate Press Corporation plc which has posted an after tax profit of K19.9 billion, 13% lower than prior year.
In a financial statement for the year ending 31
st December 2020 signed by Press Corporation plc Board Chairman Randson Mwadiwa and PCL Group Chief Executive Officer George Partridge, the conglomerate said granted the very difficult operating environment, the Group registered respectable results with profit before tax for the period at MK38.22 billion (2019: MK40.31 billion) was 5% lower than prior year.