Alois Vinga
Presenting a trading update for the first quarter period of
the concern's company secretary, Venon Musimbe revealed the details.
"Revenue at US$ 7,9 million for the first quarter ended
31 March 2023 was down 2% compared to the same period last year. The decline
was largely due to depressed business volumes with occupancy at 39% being 3%
points lower than the comparable period," he said.
Both of the hotel operating segments experienced declines in
occupancy levels with City Hotels posting a combined 51%, whilst Resort Hotels
achieved 23%.
Despite the waning impact of Covid 19 and the concomitant
announcement by the World Health Organisation that it was no longer a public
health emergency of international concern, foreign business remains depressed
at 20% whilst domestic guests anchor business performance with a contribution
of 80%.
"On a positive note, subsequent to the end of the
quarter under review, the RBZ [Reserve Bank of Zimbabwe announced that all
domestic foreign currency proceeds shall be exempt from liquidation for all
sectors while export proceeds will continue to be subject to a 25%
liquidation," said Musimbe.
The firm sustained focus on scaling its properties through
refurbishment programmes amid anticipation to complete the US$4,2 million
Hwange Safari Lodge 100 rooms refurbishment during the second quarter of the
current year.
ASL finished renovating 47 rooms and the kitchen at its
upmarket hotel, The Victoria Falls Hotel, in the third quarter of 2022.
Approximately US$5 million was committed by ASL and its partner, Meikles
Limited, to modernise this building.
Other refurbishments are taking place at the Great Zimbabwe
Hotel's conference centre and unfinished guest rooms that should be completed
by mid-year.
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