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The Patriot on Sunday

The Patriot on Sunday

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The Patriot on Sunday

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The Patriot on Sunday
#sport #backpagethisweek 🔵 HEADLINE: LITMUS TEST FOR MALETE FOR A DETAILED REPORT GRAB A COPY OF THE PATRIOT ON SUNDAY NEWSPAPER IN STORES OR FOR SUBSCRIPTION VISIT: www.thepatriot.co.bw ... See MoreSee Less

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The Patriot on Sunday

13 hours ago

The Patriot on Sunday
#businessfrontpagethisweek HEADLINE: Digital Shift BW disruption BTC LEADS DIGITAL PENETRATION FOR A DETAILED REPORT GRAB A COPY OF THE PATRIOT ON SUNDAY NEWSPAPER IN STORES OR FOR SUBSCRIPTION VISIT: www.thepatriot.co.bw ... See MoreSee Less

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The Patriot on Sunday

15 hours ago

The Patriot on Sunday
#opinionsreviewandanalysis BOTSWANA VIOLATES SADC PROTOCOL ON VOTER REGISTRATION *ADAM PHETLHE ON SUNDAY FOR A DETAILED REPORT GRAB A COPY OF THE PATRIOT ON SUNDAY NEWSPAPER IN STORES OR FOR SUBSCRIPTION VISIT: www.thepatriot.co.bw ... See MoreSee Less

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The Patriot on Sunday

1 day ago

The Patriot on Sunday
SEROWE KGOTLA MEETING FAILDuring a short briefing of media today in Serowe, the Bangwato royal uncles said they took a decision to postpone Serowe Kgotla meeting which was supposed to be held today (Saturday) after consultation with their lawyer.They said they are now taking the legal route to challenge being denied permission to convene meeting at the main Kgotla.A new date is due to be announced soon. Despite postponement, Police took no chance and barricaded the kgotla. ... See MoreSee Less

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The Patriot on Sunday

1 day ago

The Patriot on Sunday
UDC/IEC case requires urgent political interventionThey say desperate times call for desparate measures. Botswana’s desparate electoral situation requires political intervention to end the raging legal tug of war between the UDC & the IEC. It appears the legal festival currently raging in the High Court will not end anytime soon if yesterday's spectacle at the F'town High Court is anything to go by resulting in grave uncertainty as to when the voter registration exercise will commence & whether other phases of the electoral processes will properly fall into place.Political intervention from govt will prevail upon the IEC to withdraw from the case & allow the UDC to observe & monitor voter registration for transparency & fairness. This far, it hasn't come out clearly what harm if any, will UDC’s observation of the voter registration exercise cause. It would have been fulfilling to watch the end product of the legal festival at the High Court & the Court of Appeal. But like they say again, time is of the essence. Much as time for the electoral process to set in motion voter registration has been negatively impacted, no more time should be afforded to be wasted. If the elections date was still far away, I would have no qualms with the festival going on until the very end for obvious reasons.The sad reality is that the elections date is around the corner & voter registration is yet to commence.Govt has a choice to make in the circumstances: Avoid Constitutional crisis in so far as elections are concerned for such will have other legal & political implications for Botswana’s democratic credentials OR, perpetuate it. ... See MoreSee Less

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Cresta suffers 50% fall in revenue

patriot by patriot
November 9, 2020
in Business
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Cresta Marakanelo Limited Group has suffered a heavy blow on its revenues for the six months ended 30 June 2020 which slumped by P94.5 million (50%).

According to the Cresta, the decline in revenue as compared to prior year was primarily attributable to Covid-19 related cancellations or postponements and the national lockdowns.

Cresta said its Gross margin declined significantly due to the continuance of salaries and other expenses while operations were closed or curtailed as Covid-19 brought its business to big halt.

“Other discretionary costs were contained and variable costs declined in line with the level of activity, resulting in the overall decline in earnings before interest tax and depreciation and the amortisation being contained to P40 million compared to prior year,” Cresta Group has revealed.

Cresta also said its total assets value decreased by 7% equated to half-year ended 30 June 2019.

“The decrease in assets was primarily as a result of a high level of trade and other receivables in the prior year, which related mainly to a VAT refund due on the four hotel properties acquired in June 2019. The Group had cash resources of P61.0 million (2019: P29.9 million) at the end of the period under review,” Cresta said.

Regarding cash flow Cresta revealed that during the half year, tune of P25.8 million was utilised in operating activities, mostly to fund operating expenses during the period when hotels were shut.

Net cash worth P14.4 million was used in investing activities primarily as a result of acquisition of Cresta Bosele hotel property in February 2020 (2019: P251 million of gaining of 4 hotel property).

With regards to financing activities, Cresta Group of hotels said P9 million was utilised from the loan facilities during the period to fund the acquisition of the Cresta Bosele hotel property.

Led by Mokwena Morulane as the Managing Director, the company said the Covid-19 pandemic has significantly affected the short to medium outlook of the local tourism industry.

The Group conceded that the novel Coronavirus brought in an unprecedented level of uncertainty. Covid-19 lockdowns or restrictions have an immediate impact on the group’s performance.

The management said it will continue to actively assess whether certain properties need to be temporarily closed to reduce costs if occupancies remain subdued, as engagement with staff continues.

“Concerted efforts will also continue to market attractive holiday and retreat packages to the domestic market to drive more business to the leisure properties,” said the company.

Pako Moshaga, Credit Manager and economic specialist from BancABC Botswana, reiterated that local tourism promotion should be at the core of local tourism and hospitality industry players. 

Giving insight on Economic Recovery and Transformation Plan (ERTP) as rolled out by government recently, Moshaga stated that government should also extend wage subsidy for tourism sector. He said a wage subsidy should be considered because the closure of borders due to restriction in movement as result of Covid-19 barred international tourists hence the tourism sector is losing big.

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