Gulliver posts US$500,898 loss

Gulliver Consolidated Limited has made a US$500,898 loss in the year ending September 30 this year and this loss has been attributed to depressed demand.

This loss comes against a background of a very modest turnover of US$2.7 million.

“This lower than budgeted turnover was attributed to depressed demand for the company’s products coupled by the subdued liquidity conditions in the economy.

“The results reflect the need for the company to increase its turnover and improve effectiveness in order to return to profuitability,” said Engineer Mataure the company chairman.

Steel sales were down 30 percent to 2 556 compared to last year while the company’s wagon division managed to break even.

“The group’s intention is to increase its share of activities in this sector and explore regional opportunities.

“Group capacity utilisation averaged between 15 and 20 percent for the year with most contracts coming from the fuel and energy, telecommunication and water reticulation sectors,” said Eng Mataure.