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PCL forecasts stability over next six months

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Dual listed conglomerate, Press Corporation Limited (PCL), says despite Malawi’s economic outlook being mixed and murky, prospects are high for a stable macro-economic environment as most economic fundamentals have taken on a positive trajectory.

The trend, according to PCL chairperson, Patrick Khembo, offers hope that the operating environment can improve in the medium term, a development he said would be significant to the business sector.

Khembo was speaking during PCL’s Annual General Meeting held on Wednesday in Blantyre where the conglomerate also unveiled its results for the year ending December 31, 2015.

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In the year under review, the conglomerate registered a profit of K12.2 billion from K24.6 billion in the prior period, representing a decline of 43 percent.

Khembo attributed the fall in profits to the poor operating environment characterised by devaluation of the kwacha and high inflation and interest rates.

“But we appreciate the efforts authorities in government are doing to create the necessary environment for the general economy to improve,” Khembo said.

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He, however, asked the government to remain aggressive in its efforts to further improve the macro-economic environment.

“High inflation and lending rates coupled with poor performance of the kwacha continue to be a challenge to most businesses,” Khembo observed.

Khembo suggested that more attention be given to tame inflation levels to influence improvements in the other key indicators.

“Issues of inflation and high interest rates are also key to the general performance of the businesses and I am sure that the authorities are doing precisely that in order for the economy to do well,” he said.

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