Cresta records a loss, again

The Corona Virus Disease (COVID-19) is still haunting the tourism and hospitality industry. Just when other industries have started to record high profits, the tourism and hospitality industry is still playing catch-up.

It has been reported that mining and tourism industries were the most hard hit by the COVID-19 pandemic. However, in Botswana, the mining industry is rebounding while tourism and hospitality is still drowning in losses. This is because tourism and hospitality industry are not yet fully functional.

While the tourism and hospitality industry is struggling, Cresta Marakanelo Limited is not an exception. The company yet again anticipates a loss. During the six months ended 30 June 2020, the company recorded a loss, this time around too a loss is anticipated. However, the expected loss reflects an improvement compared to last year during the same period.

“Shareholders are advised that the unaudited consolidated loss before tax of Cresta Marakanelo Limited ( “the Company” ) for the six months ended 30 June 2021, is estimated to have reduced by between 15% to 25% (P6.6 million to P10.6 million) compared to the loss before tax of P42.5 million reported for the six months ended 30 June 2020. This improvement in performance in the current year is mainly due to uninterrupted trading throughout the period, whereas during the prior year, the Company’s results were impacted by the closure of the hotels for normal operations from 2 April 2020 to 4 June 2020, during the nationwide COVID-19 pandemic lockdown.
The unaudited interim financial statements for the period ended 30 June 2021 will be released by 30 September 2021.” the statement by the Board of Directors announced.

With the third wave, and new COVID-19 variants causing a high number of positive cases and deaths, the future of tourism and hospitality remains blurry. The uncertainty is further perpetuated by the shortage of COVID-19 vaccines in Botswana.

Related Articles

Back to top button