PRE/POST ELECTION ERA ROBS PCL OF 52% PROFIT – Malawi News Online

Political tension during and after the Tripartite elections this year, affected Press Corporation, such that the conglomerate registered a 52% profit drop in the first half of 2019. PCL has registered a profit after-tax of K11.1 billion from last year’s K23 billion, as pre and post-election challenges.

The conglomerate has a diverse ownership including banking, telecommunications, energy, consumer goods, real estate and food segment, among many others. In the banking sector, its subsidiary National Bank of Malawi plc registered a seven percent growth in its earnings. In telecommunications sector where the conglomerate owns MTL and TNM plc, profit from the sector declined by 31%.

Presscane and Ethanol Company registered a 108 percent growth in its net earnings driven by improved sales volumes and availability of raw materials from carryover stocks. In the consumer goods segment, Peoples, registered a 44% increase in losses due to of a 15% decline in sales revenue and a 44% increase in interest and reorganisation costs.