Advertisement
Business

Mixed fortunes for hospitality industry

Advertisement

Statements from two hospitality units listed on the Malawi Stock Exchange show mixed performance in the sector for the year ending December 31 2022.

Sunbird Hotels and Resorts announced that it expects its profits to be 240 percent more than what it posted at the same time last year.

During the period ending December 31, 2021 Sunbird Hotels and Resorts made a profit after tax of K749.4 million from a loss of K1.2 billion in 2020.

Advertisement

Another listed firm, BHL, says it expects a 20 percent drop in the loss made last year.

“The group is projecting a profit before interest and tax from hotel operations, whilst the loss after tax will arise due to the increase in finance costs incurred on the Lilongwe project,” reads the BHL statement.

BHL registered a loss of K484 million during the first half of this year, which was an improvement from last year’s K599 million during the same period.

Advertisement

In its 2022 assessment of the business environment, Malawi Confederation of Chambers of Commerce and Industry says overall, 2023 may also turn out to be a difficult year for businesses depending on the pathway on policy implementation.

“Overall, most of the economic risks which were in 2022 are likely to continue in 2023. The recovery of the economy is likely to depend on mitigation measures that will be put in place to counter these economic risks,” reads the assessment.

Facebook Notice for EU! You need to login to view and post FB Comments!
Advertisement
Tags
Show More
Advertisement

Related Articles

Back to top button
Close

Adblock Detected

Please consider supporting us by disabling your ad blocker